Commodities
Gold Prices Surge on Weaker Dollar Amid Lower Interest Rate Hopes
On August 17, gold prices on MCX rose by 0.34% to Rs. 1,55,030 as a weaker US dollar and lower expectations of a US Fed interest rate hike in September boosted demand for the precious metal.
At the same time, Brent crude futures increased by 0.17% to $88.67 per barrel, while West Texas Intermediate (WTI) decreased by 0.23% to $82.21 per barrel.
The spot gold price also rose by 0.4% to $4,391.07 per ounce in the US, with prices reaching a two-month high last week.
According to Tim Waterer, chief market analyst at KCM Trade, 'Gold has taken the ball and run with it to start the week, with soft inflation numbers keeping the US dollar under pressure and giving gold extra headroom to push towards the $4,400 level.'