New Delhi, Aug. 23 -- MCX gold prices in India extended their rally for a fifth consecutive week, pushing August gains into double digits as a persistent decline in the U.S. dollar made bullion cheaper for holders of other currencies, supporting demand for the metal.

Even as crude oil prices climbed to a one-month high earlier this week, the reduced expectations of a US Federal Reserve rate hike in its upcoming meeting have further aided the sentiment.

MCX gold wrapped up the week with gains of nearly Rs.8,000 per 10 grams, settling at Rs.1,62,438 and marking its highest level in more than three months. The latest rally pushed its August gains to 13.3% or Rs.19,000, while its year-to-date return rose to 20%.

Renewed demand has also hel...