New Delhi : Gold prices on Thursday rose to their highest level with gains from the previous day, as the dollar remained subdued.
The gold price per ounce was capped at USD 1,289.10, with a spot change of USD 0.20.
Moreover, the gold price per gram was USD 41.46, with a spot change of USD 0.01.
Earlier on Wednesday, the prices soared to a three-week high, owing to favorable market conditions and domestic and global trends.
“Weakness in dollar is leading to rise of gold prices,” said stock market expert DK Agarwal.
“Another important reason is that globally if you look at the equity market, the market seems to be fairly priced. A lot of investors now want to diversify. They don’t want to continue putting their money into equity,” he added.
On the other hand, the US dollar fell to a 3-1/2 week low as traders bet that major central banks will begin reducing monetary stimulus in 2018 owing to faster global economic growth.