Commodities
Gold Surges as Fed Rate Hike Expectations Abate
Gold prices surged on the week as weaker-than-expected US economic data reinforced expectations that the US Federal Reserve will hold interest rates unchanged.
The price of gold on MCX futures (October) gained 0.73% and stood at Rs 154,590 on Friday, while silver futures (September) advanced 0.15% to Rs 2,36,272 per kg.
Market participants said that gold and silver also benefited from crude oil staying volatile due to lingering Middle East tensions, lower Treasury yields, and a weaker US dollar.
The yellow metal climbed to its highest level in over two months before modest profit-taking later in the week, posting a monthly gain of more than 10%.