Gold ₹1.52L/10g silver ₹2.34L/kg on MCX as global gold slips
Business
Gold and silver moved higher on the MCX this week: gold futures are now at ₹1.52 lakh per 10gm and silver is up to ₹2.34 lakh per kg.
Interestingly, while prices in India jumped, global gold prices actually slipped a bit after a recent rally sparked by weak US jobs data.
US Fed pause expected boosts gold
Gold's popularity is getting a boost because investors think the US Federal Reserve won't hike interest rates soon, thanks to those disappointing job numbers.
People are also keeping an eye on upcoming US inflation data (like CPI and PPI), which could shake things up further.
Plus, tensions around Iran and the Strait of Hormuz mean more folks are turning to gold as a safe bet during uncertain times.