Gold Reaches Nearly 15-Week High as Dollar Weakens
Gold prices reached a nearly 15-week high on Tuesday, August 25, driven by a weaker US dollar and expectations of improved liquidity from larger US Treasury bond buybacks. The precious metal was trading at $4,674.75 an ounce, up 0.6 percent or $25. In the domestic market, gold prices remained largely stable across major Indian cities, with 24-carat gold priced between Rs 1,62,710 and Rs 1,63,949 per 10 grams.
The price of silver also saw an increase, trading above the $69-an-ounce mark. On the Multi Commodity Exchange (MCX), gold was trading 0.03 percent lower at Rs 1,63,187 per 10 grams, while silver was trading 0.40 percent lower at Rs 2,43,250 per kg.
The India Bullion and Jewellers Association (IBJA) sets the daily 'base price' of gold in India, which serves as a national benchmark for bullion rates.