Gold Surges to Rs 1.54 Lakh per 10 Grams as Dollar Weakens
Gold prices in India's national capital rose for the fourth consecutive day to reach Rs 1.54 lakh per 10 grams on Friday, following a sharp rally in overseas markets.
The increase was attributed to a weaker US dollar and softer crude oil prices, which lifted bullion demand. Spot gold rose $84.74 or 2% to $4,325.43 per ounce, while silver gained strength by advancing more than 4% to $64.17 per ounce in international markets.
Gaurav Garg, Head of Research at Lemonn Markets Desk, said the rally was driven by a weak dollar, easing inflation expectations, and continued demand for bullion ahead of the US non-farm payrolls report, which could influence the Federal Reserve's next policy decision. Silver prices also advanced on improving sentiment among investors.
Kaynat Chainwala, AVP Commodity Research at Kotak Securities, noted that both metals were heading for their strongest weekly performance since January, supported by softer crude oil prices and a weak US dollar as hopes of a shipping arrangement through the Strait of Hormuz eased concerns over supply disruptions.