Gold rate today at three week high on weak US dollar, ease in US CPI data
Gold rate today: On account of US dollar hitting 15-month low and US CPI date hitting two years low, gold prices witnessed strong bounce back in the week gone by. Silver prices too ascended and witnessed huge buying interest among the bullion investors. Gold future contract for August expiry on Multi Commodity Exchange (MCX) finished ₹95 per 10 gm higher at ₹59,334 levels.
In international market, yellow metal price ended around $1,955 per ounce levels. Silver price on MCX ended at ₹75,990 per kg levels, logging intraday gain of ₹664 per 10 gm on Friday session. In international market, silver price ended at $24.920 levels.
On why gold and silver prices skyrocketed in the week gone by, Anuj Gupta, Vice President — Research at IIFL Securities said, "In the week gone by, US CPI data was released in which US inflation eased and hit two year lower levels. This sparked speculation about US Fed not raising interest rates in near term. So, US dollar started sliding downwards and the US dollar hit 15-month low during the sharp correction.
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