Gold Surges to Three-Month High Amid Weaker Dollar
Gold prices surged to a three-month high in India's national capital on August 20, rising by ₹4,300 to ₹1.62 lakh per 10 grams. This significant increase comes as investors turned to precious metals amid a weak US dollar.
The value of the yellow metal of 99.9% purity appreciated from ₹1,58,000 per 10 grams on Wednesday to ₹1,62,300 per 10 grams, inclusive of all taxes, according to local traders. This price point was last seen on May 26, when gold was quoted at ₹1,62,400 per 10 grams.
Silver prices also mirrored the rally, soaring to a seven-week high of ₹2,45,000 per kilogram (inclusive of all taxes) from ₹2,35,000 per kg. The white metal had traded near these levels on July 3, when it was quoted at ₹2,45,000 per kg.
The rally in spot bullion prices came despite a retreat in the overseas markets. Gold dipped by USD 66.31, or 1.47%, to USD 4,456.72 per ounce, and silver dropped nearly 2% to USD 65.82 per ounce.