Gold, silver prices rise on MCX as weaker US dollar boosts demand

Mumbai: Gold and silver prices rose on the Multi Commodity Exchange (MCX) on Friday, supported by a weaker US dollar and strong global cues. Steady demand in the spot market also helped keep precious metals firm. On the MCX, gold December futures were trading 0.38 per cent higher at Rs 1,20,951 per 10 grams, while silver December futures were almost flat during the same time. The US dollar index slipped over 0.20 per cent during the session, making gold cheaper for buyers holding other currencies.

Since gold is priced in dollars, any weakness in the US currency tends to increase its demand globally.

In the previous session, gold prices had hit a record high of Rs 1,23,677 per 10 grams, while silver touched a new high of Rs 1,53,388 per kg.

Experts say gold prices are on a strong upward trend due to global economic and political uncertainties, especially in the US. (IANS)

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