1 week ago
Gold and Silver Surge to Multi-Month Highs on Weak Dollar
Gold and silver became more expensive in the national capital on Friday.
Gold rose by Rs 1,200 for every 10 grams.
Its price reached Rs 1,63,500, including taxes.
Silver rose by Rs 5,000 for every kilogram.
Its price reached Rs 2,50,000, including taxes.
Both metals had also gained during the previous session.
A weaker US dollar helped make precious metals more attractive to investors.
Lower long-term US Treasury bond yields also supported the rise.
Gold was on track for its third weekly gain in a row.
Gold prices rose Rs 1,200 to Rs 1,63,500 per 10 grams in the national capital.
Silver climbed Rs 5,000 to Rs 2,50,000 per kilogram, reaching a 15-week high.
Gold and silver extended gains for a second consecutive session.
A weaker US dollar and falling longer-term Treasury bond yields supported precious-metal demand.
Gold was heading for a third consecutive weekly gain, according to Lemonn Markets Desk research head Gaurav Garg.
- Who
- Gold and silver investors and traders; Gaurav Garg of Lemonn Markets Desk commented on the trend.
- What
- Gold and silver prices rose to multi-month highs.
- Where
- The national capital; the report also cites global market trends.
- When
- Friday, after gaining for a second consecutive session.
- Why
- A weaker US dollar, firm global trends and falling longer-term Treasury bond yields encouraged demand for precious metals.
Key facts
- Gold price
- Rs 1,63,500 per 10 grams, inclusive of taxes
- Gold daily increase
- Rs 1,200 per 10 grams
- Silver price
- Rs 2,50,000 per kilogram, inclusive of taxes
- Silver daily increase
- Rs 5,000 per kilogram
- Gold comparison
- The last comparable level was Rs 1,63,600 on May 19
- Silver comparison
- The last comparable level was Rs 2,49,500 on May 4
- Market drivers
- A weak US dollar, firm global trends and falling longer-term Treasury bond yields
Quotes
Gaurav Garg
Head of Research at Lemonn Markets Desk
“Gold extended its rally on Friday's session and is heading for its third consecutive weekly gain, while silver also remained strong, supported by a weaker US dollar and falling longer-term Treasury bond yields”
thehansindia.com
Sources
Related news
Gold and Silver Surge as Weak Dollar Fuels Bullion Rally
Gold Rises Fourth Day to Rs 1.54 Lakh, Silver Flat
Gold and Silver Rise as Softer Dollar Boosts MCX Prices
Gold reclaims Rs 1.5 lakh mark, silver soars to high
MCX Gold Nears ₹1.60 Lakh as Silver Climbs
Gold up Rs 2,000, silver surges Rs 5,200 in Delhi
BRICS Leaders Eye Local-Currency Trade, Not Common Currency
Rupee Slips Against Dollar Amid Oil and Tension
Rupee Climbs to Two-Month High on RBI Intervention
Rupee Falls to 95.56 as Crude Prices and Dollar Rise
Rupee Gains as Oil Prices Fall, RBI Supports Currency