Indian Gold Prices Surge Rs 2,440 Amid Easing Inflation Concerns
Gold prices rebounded in India's national capital on Monday, July 27, after two consecutive sessions of losses. The metal jumped by Rs 2,440 to Rs 1,49,640 per 10 grams (inclusive of all taxes), according to the All India Sarafa Association.
This price increase comes as crude oil prices retreated, easing inflation concerns and boosting investor sentiment. 'Gold gained on Monday as easing tensions in West Asia triggered a sharp decline in crude oil prices, easing inflation concerns, while a weak US dollar and lower Treasury bond yields provided further support for bullion,' said Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities.
However, gains in the domestic market remained limited as the Indian rupee strengthened against the US dollar. In the global markets, spot gold gained USD 42.13, or 1.04 per cent, to USD 4,095.30 per ounce, while silver rose 1.47 per cent to USD 59.04 per ounce.