Indian Gold Prices Edge Higher on Domestic Buying and Global Cues
Gold prices in India edged higher on Thursday, August 6, due to increased domestic buying and steady global cues. The Multi Commodity Exchange (MCX) saw October gold futures rise by ₹654, or 0.44%, to ₹1.49 lakh per 10 grams.
The rally was supported by firm international prices, which hovered around $4,255 an ounce, aided by a weaker US dollar and lower Treasury yields. Investors remain focused on upcoming US economic data, particularly the non-farm payrolls report, for clues on the Federal Reserve's interest rate outlook.
Meanwhile, silver prices dipped marginally as traders pared some positions after recent gains. Globally, the metal traded around $62 an ounce, remaining close to multi-year highs despite Thursday's modest decline.
Analysts pointed out that silver continues to draw support from industrial demand, particularly from the renewable energy and electronics sectors.