Gold Surges Rs 264 to Rs 1.58 Lakh on Weak US Dollar

Gold prices surged in India as the yellow metal rose by Rs 264 to Rs 1.58 lakh per 10 grams in futures trade on Thursday, tracking firm global cues. The sharp fall in US dollar boosted demand for bullion, analysts said.

The Multi Commodity Exchange saw gold futures for October delivery increase by Rs 264, or 0.17%, to Rs 1,58,260 per 10 grams in a business turnover of 10,450 lots. Analysts pointed out that easing US Treasury yields and a weaker dollar supported gold prices.

However, persistent inflation concerns, elevated crude oil prices, and geopolitical tensions continued to cap the upside in bullion, analysts noted. In international markets, Comex gold futures for the December contract traded flat at USD 4,546 per ounce in New York.