Delhi Gold Prices Surge as Rupee Slides Below 96-Dollar Mark
Gold prices in Delhi rose by Rs 500 per 10 grams to Rs 1,49,800 on Thursday due to a weaker rupee and strong global trends. The Indian rupee's slide below 96-per-dollar provided significant support to domestic gold prices.
Globally, spot gold increased after soft US inflation data reduced expectations of a Federal Reserve rate hike. Despite gold's rise, silver prices declined by Rs 5,000 per kilogram in the Delhi market.
Experts note that while gold gained from inflation data, oil price spikes and geopolitical uncertainty also played a role. 'Gold spiked higher on softer inflation data; however, the rally was thwarted by a spike in oil prices as uncertainty in Hormuz continues and refined product shortages continue to linger,' said Praveen Singh, Head of Commodities at Mirae Asset Sharekhan.