Gold Prices Soar by ₹3,800, Silver Rises by ₹2,100 in Delhi Bullion Market

Gold prices surged in the Delhi bullion market on August 6th, marking the third consecutive day of gains. The price of gold rose by ₹3,800 to reach ₹1,53,800 per 10 grams, the highest level in seven weeks. Silver also saw a significant increase, rising by ₹2,100 to ₹234,800 per kilogram.

The rise in gold prices comes as the rupee's weakness has impacted demand for the precious metal. A strong dollar makes buying gold in other currencies more expensive, contributing to the price hike. Traders say that this trend is expected to continue unless there is a significant change in the market dynamics.

On the international front, gold prices rose to $4,264.24 per ounce, while silver eased to $61.80 per ounce. Experts attribute the rise in gold prices to Iran's announcement of a deal with Oman to open the Strait of Hormuz. Investor buying also supported gold, with Chinese gold exchange-traded funds seeing inflows for the 14th consecutive session.

However, not all experts are optimistic about the prospects for gold and silver. A surge in crude oil prices could put pressure on gold prices, as higher interest rates tend to make gold less attractive to investors. The Federal Reserve's next move will be closely watched by investors, particularly with the release of US non-farm payrolls unemployment data on August 7th.