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Commodities

Dollar's Decline Sends Gold Prices Soaring in India

Guavy AI Editorial Team
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Gold
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Gold prices surged in India on Thursday, rising by Rs 264 to Rs 1.58 lakh per 10 grams due to a sharp fall in the US dollar.

The decline in the dollar boosted demand for bullion, with analysts pointing to easing US Treasury yields and persistent inflation concerns as key factors supporting gold prices.

According to Manav Modi, Commodities Analyst at Motilal Oswal Financial Services Ltd., 'Gold is hovering above USD 4,500 for the first time since early June as a sharp decline in US Treasury yields and the dollar boosted bullion.'

The move by the US Treasury to double its buyback operations for longer-dated bonds also weakened the dollar and eased one of gold's key headwinds.

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