Gold, Silver Prices Surge on Weaker Dollar, Geopolitical Uncertainty

Gold and silver prices rose in India's domestic futures market on August 3, tracking gains in global bullion prices. The Multi Commodity Exchange (MCX) saw gold futures for October delivery trading at ₹1.43 lakh per 10 grams, up about 0.18%. Silver futures for September delivery gained 0.53% to ₹2.18 lakh per kg.

The price rally was attributed to a weaker US dollar, easing crude oil prices, and persistent geopolitical uncertainty that supported demand for precious metals. Comex gold hovered above $4,100 per ounce, while silver rose more than 1%, driven by renewed safe-haven demand.

Darshan Desai, CEO of Aspect Bullion & Refinery, noted that domestic bullion prices have largely mirrored international trends, with movements in the rupee and global precious metal prices remaining key drivers. He emphasized that investors should maintain a long-term approach to avoid making decisions based on daily price fluctuations.

Analysts expect bullion prices to remain sensitive this week to US employment data, movements in the dollar, crude oil prices, and evolving expectations around the Federal Reserve's interest rate path.