Gold Rises on Weak US Data, Fed Rate Expectations

Gold prices rose 0.86% on a weekly basis as weak US economic data reinforced expectations that the Federal Reserve will hold interest rates unchanged.

The MCX gold futures (October) gained 0.73% and stood at Rs 154,590 on Friday, while MCX silver futures (September) advanced 0.15% to Rs 2,36,272 per kg.

Market participants attributed the price rise of gold and silver to crude oil's volatility due to Middle East tensions, lower Treasury yields, and a weaker US dollar.

The yellow metal reached its highest level in over two months before experiencing modest profit-taking later in the week, resulting in a monthly gain of more than 10%.