MCX Gold and Silver Soar as Dollar Weakens

Gold and silver futures on the Multi Commodity Exchange of India (MCX) saw significant gains on Tuesday, August 11. MCX gold for October delivery jumped 1.32% to Rs 1,55,124 per 10 grams in morning trading around 9:10 AM. Silver for September delivery climbed 1.07% to Rs 2,39,400 per kg.

The surge past the Rs 1,55,100 mark and silver breaching Rs 2,39,400 per kilogram was largely driven by a pullback in the US dollar. The weakening dollar boosted the appeal of bullion, leading to increased demand for gold and silver.

Analysts note that any escalation in regional tensions could further bolster safe-haven demand for gold. A softer inflation print in the US might also weaken the dollar and provide additional tailwinds for the metals complex.