Gold Soars to Seven-Week High in India Amid Rupee Depreciation

Gold prices surged to a seven-week high in India's national capital on Thursday, reaching Rs 1.53 lakh per 10 grams after rallying by Rs 3,800.

This increase was largely driven by the depreciation of the rupee against the US dollar and firm global trends.

The price of gold had last settled at similar levels at Rs 1,53,440 per 10 grams on June 18.

Silver also saw a significant rise, advancing Rs 2,100 to Rs 2,34,800 per kilogram from the previous session's closing level of Rs 2,32,700 per kg.

Market analysts attributed the increase in gold prices to a weaker rupee, which made imported bullion more expensive in the domestic market.

The rupee depreciated by 16 paise to close at 95.24 (provisional) against the US dollar on Thursday.