Gold and Silver Prices Rebound on Easing Oil Rates
Gold and silver prices have rebounded in India's national capital, with gold rising by Rs 1,600 to Rs 1.56 lakh per 10 grams and silver climbing by Rs 5,000 to Rs 2.47 lakh per kilogram.
The recovery is attributed to easing crude oil rates, which reduced inflation concerns and encouraged investors back into bullion after a recent sell-off.
Global bullion markets tracked the recovery, with spot gold rising over 1% and silver over 3%, but elevated US dollar and Treasury yields capped further gains for bullion.
Gaurav Garg, Head of Research at brokerage platform Lemonn, said that 'Gold recovered sharply after the recent sell-off as the dollar and US Treasury yields eased, with investors reassessing positions following the Federal Reserve's interest rate hike.'
Silver outperformed gold, while oil fell for a third straight session to USD 101-a-barrel due to restored Saudi supply and alternative shipping routes easing immediate supply-disruption fears.