Gold Prices Rise 0.86% Amid Expectations of Fed Rate Hold

Gold prices rose by 0.86% on a weekly basis as investors bet that the US Federal Reserve will hold interest rates unchanged, according to market data.

The price of gold futures (October) on the Multi Commodity Exchange (MCX) gained 0.73% and stood at Rs 154,590 on Friday, while silver futures (September) advanced 0.15% to Rs 2,36,272 per kg.

Market participants attributed the rise in gold prices to weaker-than-expected US economic data, lower Treasury yields, a weaker US dollar, and lingering Middle East tensions that kept crude oil volatile.

The price of 10 grams of 24-carat gold reached Rs 1,49,621 on Friday, up from Rs 1,42,863 seen at market opening on Monday, according to the India Bullion and Jewellers Association (IBJA).