Gold Soars Past $4,550 as Dollar Weakens
Gold and silver prices surged on Thursday, buoyed by a weak US dollar and softer global bond yields. According to the Chicago Mercantile Exchange's FedWatch Tool, there is now a 67% probability that interest rates will remain unchanged in September.
The strong purchasing power of central banks and robust safe-haven demand also contributed to the rise in gold prices. On Comex, gold traded at $4,550 per ounce, while silver reached $67 per ounce. In India, gold futures on the Multi Commodity Exchange (MCX) were trading near ₹1,58,300 per 10 gram and silver futures around ₹2,40,300 per kg.
The pace of bond selling slowed down after yields touched multi-decade highs, helping to support precious metals. The market expects interest rates to remain low, which is good news for gold and silver investors.