Gold Prices Rise on Weaker US Economic Data, Fed Rate Hike Expectations

Gold prices rose 0.86% on a weekly basis as investors took cues from weaker-than-expected US economic data, leading to expectations that the Federal Reserve will keep interest rates unchanged.

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

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