India's Gold and Silver Prices Surge as US Dollar Weakens
Gold and silver prices rose in India on August 17, tracking a firm global trend. On the Multi Commodity Exchange (MCX), gold futures for October delivery increased by ₹676, or 0.44%, to ₹1.55 lakh per 10 grams, while silver futures for September delivery gained ₹2,270, or 0.96%, to ₹2.38 lakh per kg.
Globally, gold futures rose around 0.40% to $4,394.01 an ounce, and silver futures gained 1.64% to $65.74 an ounce.
The softer US dollar and changing expectations around the Federal Reserve's interest-rate path are supporting demand for precious metals. 'Gold and silver are entering the new week on a firm note, supported by a softer US dollar, shifting rate expectations and continued safe-haven demand,' said Darshan Desai, CEO of Aspect Bullion & Refinery.
The rupee weakened to around ₹95.59 per dollar in early trade on Monday, which can push up the landed cost of internationally priced commodities such as gold and silver.