Commodities
Indian Gold Prices Soar for Seventh Consecutive Session
Gold prices in India rose for the seventh consecutive session on Wednesday, reaching Rs 1,59,800 per 10 grams. This represents a gain of Rs 2,600 and is attributed to strong investor demand and global market gains.
The price of gold has surged by Rs 12,400, or 8.4 percent, from its value on August 3. Silver prices also increased sharply, rising Rs 4,000 to Rs 2,46,000 per kg.
Analysts attribute the rise in gold prices to investor purchases ahead of US inflation data release and ongoing tensions in West Asia. Lower US Treasury bond yields and a steady US dollar have also supported precious metals.
In international markets, spot gold rose USD 44.48, or 1.02 percent, to USD 4,412.63 an ounce. Silver was up 2.37 percent at USD 66.23 an ounce.