Gold and silver rise on softer oil, weaker dollar, Jackson Hole focus
Gold and silver opened higher on the MCX on Thursday, supported by falling oil prices and a softer dollar, as traders look ahead to Fed Chair Kevin Warsh's Jackson Hole speech.
Gold Market
Gold and silver opened higher on the MCX on Thursday, supported by falling oil prices and a softer dollar, as traders look ahead to Fed Chair Kevin Warsh's Jackson Hole speech.
Spot gold rose 0.5% to $4,540.18 on Friday and has gained 3.6% this week, helped by a softer dollar and Treasury buyback plans.
Gold climbed to within striking distance of $4,400 an ounce as weaker US retail sales and consumer sentiment data dragged the dollar lower, making bullion cheaper for overseas buyers.
Gold prices edged higher in early Asian trading on Monday, supported by a softer dollar and diminished expectations of a US interest rate hike in September.