Indian Gold Prices Hit Seven-Week High Amid Rupee Devaluation

Gold prices surged in India's national capital on Thursday, reaching a seven-week high of Rs 1.53 lakh per 10 grams.

The yellow metal, with 99.9% purity, rose by Rs 3,800 to Rs 1,53,800 per 10 grams (inclusive of all taxes), surpassing Wednesday's closing level of Rs 1,50,000 per 10 grams.

This significant increase was largely attributed to the rupee's depreciation and firm global trends.

A weaker rupee made imported bullion more expensive in the domestic market, while gains in overseas gold prices, partly due to a softer US dollar and easing Treasury yields, provided further support to precious metals.