Crude Oil to Influence Gold, Silver Prices in Near Term

Gold and silver prices are expected to track crude oil movements in the near term, according to Chirag Thakkar of Amrapali Group. This is because crude oil has emerged as a key factor influencing precious metals prices.

Thakkar noted that the US Federal Reserve's recent rate decision had a limited immediate impact on gold and silver prices, as it was largely factored into market expectations. He expects gold and silver to move broadly together over the next six months, with lower prices potentially encouraging additional buying.

Domestic jewellery demand has been increasing month-on-month, Thakkar said, but he expects demand during the current quarter to remain below last year's level. He also highlighted growing adoption of digital gold and silver platforms, which have been recording month-on-month growth.