Gold and Silver Prices Surge in India Amid Softer Crude Oil Prices
Gold and silver prices surged in India due to softer crude oil prices. The softening of crude oil prices eased concerns over energy-driven inflation, which had been weighing on precious metals.
On the Multi Commodity Exchange (MCX), gold futures for October rose 0.84 per cent or Rs 1,282 to Rs 1,54,263 per 10 grams on Friday. Silver futures for December gained 0.16 per cent to Rs 2,42,000 per kg.
The price of 24-carat gold stood at Rs 1,53,727 per 10 grams on Friday, an increase of Rs 1,789 or over 1 per cent from Rs 1,51,938 on September 11. Silver rose 3.16 per cent or Rs 7,266 from Rs 2,29,642 on Thursday to Rs 2,36,908 per kg.
However, market experts said precious metals remained under pressure at the beginning of the week amid supply-related risks in the Middle East and signals from the US Federal Reserve. Higher US bond yields, driven by expectations of tighter monetary policy, weighed on non-yielding assets such as gold.