Weak dollar to give Indian Gold record boost

Subscribe to Oneindia News

Chennai, Nov 24 (ANI): India gold futures may strike fresh records this week on the back of a weak dollar and rising crude prices.

The most-traded December contract MAUZ9 was trading 0.82 percent higher at 17,531 rupees per 10 grams at 4:58 p.m., after hitting a record high of 17,557 rupees.n Chennai, gold jewellery traders said this was still the right time to invest in gold as prices could head only north.

"The price of gold is increasing continuously. Therefore, the whole world is buying gold. In the past ten days, the price of gold increased by Rs 1,000 for a sovereign. This trend is likely to continue for the next one month," said Siva Kumar.

But customers complained that the skyrocketing prices made it difficult for them to purchase gold.

"We are both here shopping for our wedding. So we are going to buy a lot of things in gold. But it is difficult because it is very expensive," said Tharmika, a customer.

The dollar fell broadly on Monday after dovish comments from a U.S. Federal Reserve official added weight to expectations that U.S. monetary policy would stay ultra-loose for a prolonged period.

A weak dollar enhances gold's appeal as an alternative investment. (ANI)

Please Wait while comments are loading...