Indian Gold Prices Soar to Three-Month High Amid Weaker Dollar
Gold prices in India reached a three-month high on Friday as demand increased, supported by a weaker US dollar and global market trends. Local traders reported that gold with 99.9% purity rose by Rs 1,200 to reach Rs 1,63,500 per 10 grams, its highest level since May 19.
The rise in gold prices is attributed to a weaker US dollar and strong global market conditions, according to analysts. Gaurav Garg, Head of Research at Lemonn Markets Desk, noted that gold extended its rally on Friday's session and is heading for its third consecutive weekly gain, while silver also remained strong.
The US Treasury Department's decision to double its long-term debt buybacks has aided in bolstering gold prices. Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, explained that the move aimed at reducing borrowing costs has triggered a decline in both the dollar and long-term bond yields.