Gold Prices Surge Worldwide, But Drop in India by Rs 375

New Delhi (The Uttam Hindu): On Friday, gold prices surged globally by 0.7%, reaching $2,660.03 per ounce, following a slight dip in the US dollar. However, despite this rise, gold has experienced a 2% decline this week. In India, the price of gold fell by Rs 371 on Friday. The opening price for 999 purity gold was Rs 75,916, compared to Rs 76,287 on Thursday. Similarly, silver prices dropped by Rs 707, with the opening price for 999 purity silver at Rs 87,197. On Thursday, silver closed at Rs 87,904, according to the India Bullion and Jewellers Association Limited.

The global increase in gold prices comes amid ongoing geopolitical tensions, with Brian Lian, managing director of Singapore-based Gold Silver Central, stating that investors are turning to gold in anticipation of further price hikes. Lian also noted that the weakening of the US dollar has contributed to the rise in gold prices. However, he predicted that gold prices might dip below the key $2,600 level and remain in a consolidation phase through December.

Meanwhile, on the geopolitical front, Israel's military reported an airstrike on a Hezbollah facility in southern Lebanon, targeting mid-range rockets. This strike occurred following a ceasefire agreement between Israel and Hezbollah, brokered by the United States. Additionally, Russia launched its second-largest attack on Ukraine’s energy infrastructure this month, causing widespread power outages. Gold is traditionally seen as a safe investment during periods of conflict and economic uncertainty.