India's Gold Prices Surge for Second Straight Day on Easing Inflation Concerns

Gold prices in India continued to rise for the second consecutive day on July 28, buoyed by easing concerns over inflation following the United States and Iran's decision to refrain from launching fresh attacks. The softer crude oil prices also contributed to the increase in gold prices.

The precious metal prices edged higher across major Indian cities, with 24-carat gold gaining Rs 10 to trade at Rs 1,46,050 per 10 grams in Delhi. Similar price trends were seen in Mumbai, Kolkata, Bengaluru, Hyderabad, Jaipur, Lucknow, Patna and Ahmedabad.

Silver prices, however, declined after remaining unchanged for two consecutive sessions, with one kilogram of silver falling Rs 100 to Rs 2,39,900 in Delhi. Market participants attributed the decline to weaker industrial demand even as gold continued to attract buying interest.