Indian Bullion Prices Hit Three-Month Highs on Weak Dollar and Global Trends
Bullion prices in India rose to three-month highs on Friday, driven by a weak US dollar and positive global market trends. Spot gold reached USD 4,600.91 per ounce, its highest level since May 18, 2022, while silver gained nearly 3% to USD 69.87 per ounce.
Gaurav Garg, Head of Research at Lemonn Markets Desk, said that gold extended its rally on Friday's session and is heading for its third consecutive weekly gain, while silver also remained strong supported by a weaker US dollar and falling longer-term Treasury bond yields.
Traders attributed the move partly to the US Treasury Department's decision to expand its bond-buying programme and double long-term debt buybacks aimed at containing borrowing costs. This resulted in a sharp decline in the US dollar and bond yields, giving bullion an additional boost.