Gold Prices Reach Three-Month High as Dollar Weakens

Gold prices surged to a three-month high in India's national capital on Friday, extending their gains for a second straight session. The weak US dollar and firm global trends drove investors towards precious metals, causing gold to appreciate by Rs 1,200 to Rs 1,63,500 per 10 grams.

This is the highest level gold has reached since May 19, when it was quoted at Rs 1,63,600 per 10 grams. Silver also mirrored the bullish trend, jumping Rs 5,000 to Rs 2,50,000 per kilogram, its highest level in 15 weeks.

Gaurav Garg, Head of Research at Lemonn Markets Desk, noted that gold extended its rally on Friday's session and is heading for its third consecutive weekly gain. Silver also remained strong, supported by a weaker US dollar and falling longer-term Treasury bond yields.