Gold Prices Surge to Four-Day High in India Amid Weaker Dollar
Gold prices rose to a four-day high in India's national capital on Friday, hitting Rs 1.54 lakh per 10 grams. This price hike is attributed to a sharp rally in overseas markets due to a weaker US dollar and softer crude oil prices.
The increase is the fourth consecutive session of gains for gold, with the precious metal set to achieve its strongest weekly performance since January. According to Gaurav Garg, Head of Research at Lemonn Markets Desk, this rally can be attributed to a weak dollar, easing inflation expectations and continued demand for bullion.
Meanwhile, silver prices remained unchanged at Rs 2,34,800 per kilogram after witnessing a sharp rise in the previous session. The increase in gold prices is not limited to India, as spot gold rose USD 84.74, or 2 percent, to USD 4,325.43 per ounce in international markets.