MCX Gold Nears ₹1,60,000 as Global Cues Boost Prices
Gold and silver prices rose in the domestic futures market on Friday morning amid positive global cues. MCX gold October futures were up 0.17% at ₹1,59,700 per 10 grams, while MCX silver September contracts gained 0.48% to ₹2,44,400 per kg around 9:15 PM.
The US markets saw gold prices on track for a third consecutive weekly gain due to the dollar's weakness and the U.S. Treasury's bond buyback announcement. The dollar index declined by 0.20%, making the greenback-backed yellow metal cheaper for buyers in other currencies.
Ravi Singh, Chief Research Officer at Master Capital Services, noted that despite headwinds such as the US-Iran conflict and potential rate hikes if inflation remains elevated, strong price action and geopolitical uncertainty continue to keep the outlook positive for gold.