Gold Jumps ₹1,200 To ₹1,63,500, Silver Surges ₹5,000 To ₹2.50 Lakh
Mumbai: Gold and silver prices climbed to more than three-month highs in the national capital on Friday, extending gains for the second straight session as a weaker US dollar and overseas markets increased demand for precious metals. Gold rises Rs 1,200 Gold of 99.9 percent purity jumped Rs 1,200 to Rs 1,63,500 per 10 grams, including taxes, according to traders. It had closed at Rs 1,62,300 on…
Mumbai witnessed a surge in gold and silver prices on Friday, reaching their highest levels in over three months. The national capital's precious metals market experienced a boost as a weaker US dollar and overseas market movements fueled demand for these commodities. Gold prices were driven up by Rs 1,200 to Rs 1,63,500 per 10 grams, including taxes, while silver experienced a Rs 5,000 increase, reaching Rs 2,50,000 per kilogram.
This surge in prices marked a continuation of the upward trend for the second consecutive day. The white metal has gained Rs 15,000 over the past two sessions, last seen at similar levels on May 4. In international markets, spot gold climbed USD 81.58, or 2 percent, to USD 4,600.91 per ounce and neared its highest level since May 18, continuing its momentum for a third weekly increase.
Experts attributed the rise in bullion prices to a weaker dollar, falling longer-term US Treasury bond yields, investment demand, and movements in currency and bond markets. Investment demand and geopolitical concerns, such as the US administration's announcement of tougher sanctions against Iran, further contributed to the upward movement of gold and silver prices.
Written by urgent.news from Free Press Journal's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
