Gold Soars to Seven-Week High as Rupee Depreciates and Global Trends Turn Favorable

Gold prices surged to a seven-week high in India's national capital on Thursday, reaching Rs 1.53 lakh per 10 grams, as the rupee depreciated and global trends turned favorable.

The yellow metal of 99.9 per cent purity rose by Rs 3,800 from Wednesday's closing level of Rs 1,50,000 per 10 grams, according to data from PTI.

Gold had last settled near these levels at Rs 1,53,440 per 10 grams on June 18, indicating a significant gain in the past week.

Silver also rallied, advancing by Rs 2,100 to Rs 2,34,800 per kilogram from Rs 2,32,700 per kg in the preceding session.

Experts attributed the rally to a weaker rupee and gains in overseas gold prices amid a softer US dollar and easing Treasury yields.