Gold Prices Surge on Weaker Dollar, Institutional Demand

Gold prices rose across major Indian cities on August 8, extending gains for the fourth consecutive session. The precious metal was supported by a weaker US dollar, softer crude oil prices, and easing inflation expectations.

In Mumbai, 22-carat gold is trading at around ₹13,xxx per gram, while 24-carat gold is around ₹15,xxx per gram. Silver, meanwhile, remained firm with prices at around ₹xxx per gram.

Analysts attributed the rally in gold prices to a combination of factors, including a weak dollar and renewed institutional demand for bullion. According to Gaurav Garg, Head of Research at Lemonn Markets Desk, gold had extended its gains for the fourth consecutive session and was heading for its strongest weekly performance since January.

The US non-farm payrolls report is expected to provide fresh cues on the Federal Reserve's interest-rate outlook, which could influence expectations around the central bank's monetary policy and affect gold and silver prices.