Gold Prices Surge: Dollar Weakness, China Demand Fuel Rise; Investors Cautious

• Gold prices saw a significant increase on February 9th, bringing relief to investors but concern for jewelry buyers.
• Spot gold is trading at $5,050-$5,056 per ounce internationally, with 24-carat gold in Andhra Pradesh/Telangana rising by nearly ₹3,000 in a day.
• The primary reason for the surge is a weak US Dollar Index (DXY), which fell to 96.90, making gold more attractive.
• The People's Bank of China's 15th consecutive month of gold purchases, reaching 74.19 million ounces, has boosted global demand.
• Upcoming US jobs and inflation reports (Feb 11th & 13th) and potential Federal Reserve interest rate changes could cause significant price volatility this week.