Gold and Silver Prices Soar to Three-Month Highs on Weak US Dollar
Gold and silver prices surged in India's national capital on Friday, reaching over three-month highs as a weak US dollar and firm global trends drove investors towards precious metals.
The price of gold, with 99.9% purity, increased by Rs 1,200 to Rs 1,63,500 per 10 grams (inclusive of all taxes), marking its highest level since May 19. Silver also rose by Rs 5,000 to Rs 2,50,000 per kilogram, reaching its highest point in 15 weeks.
The rally was attributed to a weaker US dollar and falling longer-term Treasury bond yields, which supported the precious metals. Strong investment demand and heightened volatility across currency and bond markets continued to drive gold prices up.
According to Gaurav Garg, Head of Research at Lemonn Markets Desk, 'Gold extended its rally on Friday's session and is heading for its third consecutive weekly gain, while silver also remained strong, supported by a weaker US dollar and falling longer-term Treasury bond yields.'