Gold Surges Amid Global Cues as Crude Oil Prices Retreat

Gold prices rebounded in India on Monday after two consecutive sessions of losses. According to the All India Sarafa Association, gold of 99.9 per cent purity jumped Rs 2,440 to Rs 1,49,640 per 10 grams (inclusive of all taxes). Silver prices also climbed by Rs 5,300 to Rs 2,30,000 per kg from Friday's closing level of Rs 2,24,700 per kg.

The rebound in gold and silver was attributed to strong global cues. Spot gold gained USD 42.13, or 1.04 per cent, to USD 4,095.30 per ounce, while silver rose 1.47 per cent to USD 59.04 per ounce in the international markets.

Traders noted that easing inflation concerns due to a decline in crude oil prices contributed to the rally in gold and silver. However, gains in the domestic market were limited as the Indian rupee strengthened against the US dollar.