Gold and Silver Prices Hit Three-Month Highs Amid Weaker US Dollar
Gold and silver prices surged to their highest levels in over three months due to a weak US dollar and firm global trends. The precious metals saw significant gains on Friday, extending their rally for a second straight session.
The yellow metal of 99.9 per cent purity rose by Rs 1,200 to Rs 1,63,500 per 10 grams, up from the previous close of Rs 1,62,300 per 10 grams. This marked its highest level since May 19 when it stood at Rs 1,63,600 per 10 grams.
Silver also followed a similar trend, jumping by Rs 5,000 to Rs 2,50,000 per kilogram (inclusive of all taxes), its highest level in 15 weeks. The white metal had settled at Rs 2,45,000 per kg on Thursday and gained Rs 15,000 over the last two sessions.
Gaurav Garg, Head of Research at Lemonn Markets Desk, said that gold extended its rally on Friday's session and is heading for its third consecutive weekly gain. He added that silver also remained strong, supported by a weaker US dollar and falling longer-term Treasury bond yields.