Gold Rises to New Highs Amid Global Economic Uncertainty
Gold prices rose on Thursday, August 6, following a strong rally in the previous session, while silver prices showed mixed trends across domestic and international markets. Gold gained 0.47% to USD 4,325 per ounce on the Comex, but silver slipped 0.12% to USD 62.215 per ounce.
The Multi Commodity Exchange (MCX) also reflected strength in gold prices, with a 0.33% rise to Rs 1,48,979 per 10 grams. In contrast, silver futures declined by 1.53% to Rs 2,27,233 per kg during morning trade.
The spot gold price remained firm across the domestic market, trading at around Rs 1,49,100 per 10 grams for 24 carat gold and Rs 1,36,675 per 10 grams for 22 carat gold. Silver prices stayed above the Rs 2.27 lakh mark despite the decline in futures trading.
The rising demand for precious metals is driven by investors seeking safe haven assets amid global economic and geopolitical uncertainty. Expectations of interest rate cuts by the US Federal Reserve have also boosted demand, while a softer US dollar has supported bullion prices.