Gold Prices in India Reach Seven-Week High Amid Weaker Rupee
Gold prices in India have surged to a seven-week high of Rs 1.53 lakh per 10 grams, with a rise of Rs 3,800 from the previous day's closing level. This comes amid a weaker rupee and firm global trends.
The yellow metal of 99.9 per cent purity climbed to Rs 1,53,800 per 10 grams (inclusive of all taxes) on Thursday. Silver also advanced by Rs 2,100 to Rs 2,34,800 per kilogram from Rs 2,32,700 per kg in the preceding session.
Traders pointed out that a weaker rupee made imported bullion costlier in the domestic market, while gains in overseas gold prices amid a softer US dollar and easing Treasury yields lent further support to the precious metals.
Gold extended its rally for a third consecutive session as a weaker dollar, softer US Treasury bond yields, and expectations of a diplomatic breakthrough in West Asia conflict boosted demand for precious metal, said Gaurav Garg, Head of Research at Lemonn Markets Desk. In overseas markets, spot gold edged higher to USD 4,264.24 per ounce.