Gold Price Surges on Weaker Dollar, Hits Rs 1.58 Lakh Per 10 Grams
New Delhi, India - The price of gold rose by Rs 264 to Rs 1.58 lakh per 10 grams in futures trade on Thursday, following weak US dollar cues. On the Multi Commodity Exchange, the October delivery contract for gold increased by Rs 264, or 0.17 percent, to Rs 1,58,260 per 10 grams in a business turnover of 10,450 lots.
Analysts attributed the rise in gold prices to easing US Treasury yields and a weaker dollar. They also pointed out that persistent inflation concerns, elevated crude oil prices, and geopolitical tensions continued to cap the upside in bullion.
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.'