Forex
Gold Prices Rebound in India as Weaker Dollar Boosts Bullion Demand
Gold prices surged by Rs 600 to Rs 1,56,800 per 10 grams in India on Monday, driven by a weaker US dollar and firm global trends.
The yellow metal of 99.9% purity had closed at Rs 1,56,200 per 10 grams on Friday.
According to Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, the recovery was supported by a softer dollar and easing expectations for aggressive Federal Reserve tightening following weaker US economic indicators.
The Fed's policy expectations influenced the market, with moderate US inflation data last week, along with softer employment and retail sales figures, reducing expectations of further monetary policy tightening.