Gold Prices Soar 1% on Global Markets Amid Crude Oil Decline
Gold prices surged by more than 1% globally on Monday, July 27, following a pause in Middle East hostilities that led to a decline in crude oil prices. The precious metal gained support from a weaker US dollar, which fell by 0.4%, making gold more affordable for buyers holding other currencies.
The spot price of gold climbed 1.5% to $4,110.76 per ounce, while US gold futures advanced 1% to $4,116.10. India's retail market saw 24-carat gold prices hovering around ₹1.44 lakh per 10 grams and 22-carat gold trading near ₹1.31 lakh per 10 grams.
The city-wise prices in India showed minor variations due to local taxes, transportation costs, and jewellers' charges. In Delhi, gold prices remained close to the national retail levels, with prices in Mumbai and Kolkata also reflecting regional market trends.