IANS | 27 Nov, 2023
Gold prices rose past a six-month high in the global market on
Monday, as a weaker dollar and expectations of a pause in US interest
rate hikes increased demand for the yellow metal.
The global prices also impact domestic prices in India due to high imports of the precious metal.
Spot gold increased 0.5 per cent to $2,012.33 per ounce while the US gold futures also rose 0.5 per cent to $2,013.10.
The
dollar depreciated further by 0.1 per cent against a basket of major
currencies and is currently at a two-month low, which makes the precious
metal cheaper in other foreign currencies.
Expectations of low
interest rates makes financial instruments less attractive for investors
compared to gold, which is considered a safe investment.
In
India, the average price of gold was at Rs 62,440 per 10 gm, up by over
Rs 300 compared to the previous day although it varied among cities.
The
demand for gold in the domestic market remains firm amid the marriage
season, as the precious metal is gifted to brides and grooms in large
quantities.
The price in Mumbai and Delhi per 10 gm of 24-carat gold was Rs 62,290, while in Chennai it was Rs 62,780.
In Bengaluru and Ahmedabad, the price was Rs 62,290 and Rs 62,340, respectively.
