Gold Prices Soar in Delhi Amid Retailer, Jeweler Buying Spree

Gold prices in Delhi have surged by Rs 300 per 10 grams to Rs 1,48,300 due to increased buying from retailers and jewelers.

This price hike comes despite weak global gold prices, which slipped by 1.18% to USD 4,055.56 per ounce on Friday.

Analysts attribute the rebound in crude oil prices as a major factor behind this trend.

The Brent oil futures rose nearly 1% to USD 89.69 per barrel, reviving inflation concerns and limiting bullion's upside.

Market experts believe that investors are awaiting key economic data releases, including the University of Michigan consumer sentiment and inflation expectation numbers, for fresh cues on the US economic outlook.