Gold Prices Spike on Fresh Buying, Silver Slumps Amid US Dollar Pullback
Gold prices surged Rs 1,000 to Rs 1.48 lakh per 10 grams in New Delhi on Thursday due to fresh buying from jewellers and retailers.
The 99.9% purity gold closed at Rs 1.47 lakh per 10 grams the previous day.
However, silver prices dropped by Rs 600 to Rs 2.24 lakh per kilogram from Wednesday's closing level of Rs 2.25 lakh per kg, according to the All India Sarafa Association.
According to HDFC Securities' Senior Analyst - Commodities Saumil Gandhi, gold advanced on Thursday amid a pullback in the US dollar following the Federal Reserve's latest policy announcement, increasing demand for the precious metal.