Gold Price Climbs to Rs 1.58 Lakh as Dollar Weakens
The gold price surged in India's futures market by Rs 264 to Rs 1.58 lakh per 10 grams on Thursday, driven by a weak US dollar and easing Treasury yields.
This move supported safe-haven demand for gold as investors sought alternative stores of value amidst concerns over inflation and rising government debt.
Manav Modi, Commodities Analyst at Motilal Oswal Financial Services Ltd, noted that the sharp decline in US Treasury yields and the dollar boosted bullion prices, with Comex gold futures for the December contract trading flat at USD 4,546 per ounce in New York.