Commodities
Gold and Silver Prices Soar on Crude Oil Price Decline
On September 18, gold and silver prices surged in India as crude oil prices declined, easing inflation pressure. According to Choice Broking's Commodity Fundamental Analyst Pinky Yadav, bullion prices gained support from falling crude oil prices, which drove bond yields lower.
The MCX Gold (October 5 expiry) price rose by Rs 682 to an early high of Rs 1,53,663 per 10 grams, while the MCX Silver (due to expire on December 4) increased by Rs 2,794 to a high of Rs 2,40,999 per kilogram.
The 24-karat gold rate today is Rs 1,54,300 per 10 grams, while the 18-karat gold rate today is Rs 1,41,442 per 10 grams. The decline in crude oil prices also boosted sentiment globally, as China bolstered its gold reserves and pared US Treasury holdings.