*Mumbai, Dec 2:* Gold prices in India have surged to an all-time high, fueled by the peak wedding season and the global uptrend in the precious metal’s rates. Chennai witnessed the steepest rise, reaching Rs 64,530 per 10 gm for 24-carat gold during morning trade.
In major cities like Mumbai, Delhi, Bengaluru, and Kolkata, the price settled at Rs 63,760 per 10 gm, marking an Rs 810 increase from the previous day’s rates. The international market saw gold prices hitting a seven-month high, with spot prices rising by 1.6% to $2,069.10 per ounce on Friday. India, a substantial gold importer, is directly impacted by soaring global prices.
The weakening dollar against major currencies contributes to the rise, making gold more affordable in other foreign currencies. The anticipation of rate cuts by the Federal Reserve in the coming months has also bolstered gold prices globally.
As the dollar depreciates, gold becomes an attractive investment compared to other financial instruments, especially amidst expectations of sustained low-interest rates. The domestic market is witnessing robust demand, particularly during the wedding season, where gold remains a popular gift for brides and grooms.
