Gold price today surge to new high, rise above key level

The weakening of the US currency has aided the gold price increase.

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Gold prices in India reached a new high Thursday, mirroring robust worldwide prices. In the local futures market, MCX gold increased by 0.4% to 57050 per 10 gramme, while silver increased by 0.5% to 68301 per kg. Spot gold increased 0.2% to $1,935.69 per ounce in global markets, aided by a lower US dollar. Investors are looking forward to the release of fourth-quarter GDP growth projections in the United States later this week. Silver, among other precious metals, rose 0.4% to $23.54 per ounce.

The US dollar has weakened in recent weeks as expectations for smaller rate rises have increased. A weakening currency makes dollar-priced bullion more accessible to more purchasers.