Gold Prices Rebound, Still on Track for Weekly Decline
Gold prices in India recovered on Friday after four consecutive sessions of losses. The precious metal rose by Rs 200 to Rs 1,52,600 per 10 grams in the national capital.
This modest gain came as crude oil rates and the US dollar retreated from recent highs. As a result, investors felt some breathing space after a volatile week.
According to Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, 'Gold prices saw a recovery on Friday as some key challenges for precious metals diminished.'
Gandhi noted that despite the recovery, gold is still on track for a weekly decline due to a significant rise in the dollar earlier in the week.
In overseas markets, spot gold gained USD 27.73, or nearly 1 per cent, to USD 4,301.40 per ounce, while silver rose 1.4 per cent to USD 64.72 an ounce.