Gold Prices Rise in India on Weak Dollar and Easing Tensions

Gold prices surged in India on Monday as a weak US dollar and easing geopolitical tensions boosted demand for the precious metal. On the Multi Commodity Exchange, gold futures for August delivery rose by nearly 1% to Rs 1,44,090 per 10 grams in a business turnover of 591 lots.

The increase was also driven by investors buying up gold ahead of this week's US Federal Reserve interest rate decision. According to Gaurav Garg, Research Analyst at Lemonn Markets Desk, 'Gold prices rose on Monday as investors increased buying following a temporary pause in Washington-Tehran hostilities and ahead of this week's US Federal Reserve interest policy decision.'

Comex gold futures for August delivery also saw an increase, rising nearly 1% to USD 4,087.69 per ounce in New York. Last week, gold edged up by 1.3% to settle at USD 4,070.8 per ounce.