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Forex

Weaker US Data Boosts Gold Prices Amid Rate Hike Uncertainty

Guavy AI Editorial Team
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USD
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Gold prices surged 0.86% on a weekly basis as weaker-than-expected US economic data reinforced expectations that the Federal Reserve will keep interest rates unchanged.

The price of MCX gold futures for October delivery rose 0.73% to Rs 1,54,590, while MCX silver futures for September delivery advanced 0.15% to Rs 2,36,272 per kg.

Market participants attributed the rise in gold and silver prices to volatility in crude oil prices amid tensions in the Middle East, lower US Treasury yields, and a weaker US dollar.

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