Gold Prices Rise as Focus Shifts to US Inflation Data and Fed Speech
The prices of gold and silver on MCX rose and fell respectively on Monday morning as investors booked profits ahead of key economic data releases from the US. The MCX gold October futures were up by 0.65% at ₹1,63,500 per 10 grams, while the MCX silver September contracts dropped by 0.13% to ₹2,46,269 per kg.
The dollar index hovered near multi-month lows, and US long-duration bond yields eased after the Treasury's announcement to buy back more long bonds, making gold a more appealing safe-haven asset.
Investors are now focusing on the July Personal Consumption Expenditures (PCE) price index data due this Wednesday and US Fed Chair Kevin Warsh's speech at the annual gathering in Jackson Hole, Wyoming, for cues on the Fed's interest rate trajectory.