MCX Gold and Silver Prices Soar Amid Dollar Decline
The prices of gold and silver on the MCX surged over 1% each in morning deals on Tuesday, August 11. This increase mirrors positive global sentiment amid a decline in the US dollar.
MCX gold October futures rose by 1.32% to ₹1,55,124 per 10 grams, while MCX silver September futures increased by 1.07% to ₹2,39,400 per kg around 9:10 AM.
The decline in the US dollar index made bullion cheaper for buyers in other currencies. However, crude oil prices traded near $88 per barrel due to uncertainty over a potential US-Iran deal that could facilitate the reopening of the strategically vital Strait of Hormuz.
Ravi Singh, Chief Research Officer at Master Capital Services, said gold prices are approaching an immediate resistance zone near ₹1,54,500. If it breaks above this level, it could trigger the next leg of the rally towards ₹1,58,000.