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Gold Prices Rise on Weakening Dollar

Gold prices edged up on Monday, May 8th, as the dollar eased, while investors eagerly awaited the release of the U.S. Consumer Price Index (CPI) data, which is scheduled for Wednesday, May 10th. This report is highly anticipated, as it could influence the Federal Reserve's monetary policy stance.

U.S. Treasury Secretary Janet Yellen issued a stark warning on Sunday, May 7th, stating that a failure by Congress to act on the debt ceiling could trigger a "constitutional crisis." This news has increased economic uncertainty and has made gold one of the "prime beneficiaries" in the market.

Gold futures rose on MCX, driven by a weaker US dollar and ahead of this week's US inflation data. June gold futures were up Rs 198 ($2.64), or 0.33%, at Rs 60,826 ($808.55) per 10 grams.

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