Commodities
Gold Soars to Seven-Week High as Rupee Weakens and Global Trends Firm Up
Gold prices surged to a seven-week high in India, reaching Rs 1.53 lakh per 10 grams on Thursday. The precious metal gained Rs 3,800 from its previous closing level of Rs 1.50 lakh per 10 grams. This rise is attributed to the rupee's depreciation and firm global trends.
The silver market also saw a significant increase, with prices rising by Rs 2,100 to Rs 2.34 lakh per kilogram. Traders pointed out that the weaker rupee made imported bullion more expensive in the domestic market.
Gaurav Garg, Head of Research at Lemonn Markets Desk, stated that gold's rally is a result of a softer US dollar and easing Treasury yields. He added that investors are seeking safe-haven assets due to diplomatic breakthroughs in West Asia.