Gold Prices Soar to Seven-Week High in India Amid Rupee Depreciation

Gold prices in India surged to a seven-week high of Rs 1.53 lakh per 10 grams, fueled by rupee depreciation and firm global trends. The yellow metal jumped Rs 3,800 from Wednesday's closing level of Rs 1.50,000 per 10 grams.

The price hike is largely attributed to the weaker rupee, which made imported bullion costlier in the domestic market. Gains in overseas gold prices also contributed to the surge, as a softer US dollar and easing Treasury yields boosted demand for precious metals.

Silver also rallied, advancing Rs 2,100 to Rs 2,34,800 per kilogram from Rs 2,32,700 per kg in the preceding session. Analysts pointed out that sustained investor demand and geopolitical tensions are driving up gold prices.