Commodities
Gold Soars to Rs 1.58 Lakh as Dollar Falls and Treasury Yields Decline
Gold prices surged to Rs 1.58 lakh per 10 grams in futures trade on Thursday, supported by a sharp fall in the US dollar and firm global cues.
The rise came after a surprise move by the US Treasury to increase buybacks of longer-duration government bonds, which pushed Treasury yields lower and weakened the dollar.
Lower bond yields tend to support non-yielding assets such as gold, while a weaker dollar makes bullion cheaper for holders of other currencies.
Silver prices also strengthened amid increased demand for precious metals, gaining nearly 1 per cent to around Rs 2.38 lakh per kg on the Multi Commodity Exchange (MCX).