Commodities
Weak Dollar Sends Gold and Silver Prices Soaring on MCX
Gold and silver prices rose on the Multi Commodity Exchange (MCX) due to a weaker US dollar. The prices of gold and silver climbed by up to 1% in early deals on Monday, August 17.
The strengthening of gold and silver was largely driven by the decline in the value of the US dollar. This made the dollar-pegged prices of these precious metals more attractive to investors.
However, the gains were capped due to stalled talks between the United States and Iran, which kept inflation fears strong. The uncertainty over the full opening of the Strait of Hormuz also contributed to this sentiment.