Now Reading: Gold extends 5-day gain to Rs 1.56 lakh/10g
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Gold extends 5-day gain to Rs 1.56 lakh/10g
Gold prices in Delhi extended gains for the fifth session on Monday, rising Rs 2,000 to Rs 1.56 lakh per 10 grams, Deccan Herald reports. The rupee's depreciation to 95.28 against the…
The Story in Brief
Gold prices in Delhi extended gains for the fifth session on Monday, rising Rs 2,000 to Rs 1.56 lakh per 10 grams, Deccan Herald reports. The rupee's depreciation to 95.28 against the dollar made imported bullion more expensive. Silver also jumped Rs 5,200 to Rs 2.40 lakh per kg. In global markets, spot gold held near USD 4,335 an ounce, while silver traded at USD 63.90.
'Bullion continues to hold firm as investors await fresh triggers,' said Jateen Trivedi of LKP Securities. Analysts noted profit-booking ahead of US inflation data but expect support from a less aggressive Fed and geopolitical tensions. Elevated oil prices, however, could limit further upside.
The Indian Opinion
The narrative that gold is rallying on global uncertainty misses the key driver: a weakening rupee. World gold prices are flat, but Indians pay more. Similarly, blaming high oil prices for capping gains oversimplifies, oil itself is a separate risk. Watch the US inflation data this week: if it pushes the dollar higher, gold could slip. Is this a bull run or just a rupee mirage?
Source: deccanherald.com
This story was synthesised by AI from the source linked above.
