Gold Prices Surge Amid Rupee Weakness and Geopolitical Tensions
Gold prices spiked by Rs 650 to reach Rs 1.66 lakh per 10 grams in New Delhi following a drop in the rupee against the US dollar amid ongoing geopolitical concerns. HDFC Securities highlighted the impact of international markets and a weak rupee, affecting physical gold demand.
In New Delhi, gold prices surged by Rs 650 to Rs 1.66 lakh per 10 grams, spurred by the rupee's decline against the US dollar amid persistent geopolitical tensions.
According to the All India Sarafa Association, gold with 99.9% purity climbed Rs 650 from the previous day's close, marking the third consecutive day of gains for the precious metal.
HDFC Securities noted that while international market cues and a weak rupee contributed to the modest domestic market gains, higher prices limited physical demand, maintaining subdued buying interest.
(With inputs from agencies.)
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