Gold Soars to Rs 1.63-Lakh Mark Amid Dollar Weakness

After a sustained fall from January's record highs, gold prices have been on the rise in August. On Monday, MCX gold futures for 24 carat gold rose to Rs 1,63,116 per 10 grams, marking a gain of Rs 678 per 10 grams from the previous close.

The price increase was attributed to a weaker dollar and investor concerns over the US Treasury's expanded bond-buyback programme. This move has raised questions about market confidence and has led to a rally in gold prices.

Gold had gained nearly Rs 20,000 per 10 grams since July 31, when the last trading day of the previous month saw 24 carat gold futures close at Rs 1,43,376 per 10 grams.

In contrast, silver prices fell on Monday, with MCX silver futures maturing on September 4 slipping to Rs 2,44,815 per kg. This is a decrease of Rs 1,782 per kg from the previous day's close.