Gold and Silver Prices Surge on Global Trends

Gold prices rebounded by Rs 2,440 to Rs 1.49 lakh per 10 grams and silver surged by Rs 5,300 to Rs 2.3 lakh per kg in India on Monday, driven by strong global trends and easing inflation concerns.

The All India Sarafa Association reported that gold of 99.9 per cent purity traded at Rs 1,49,640 per 10 grams (inclusive of all taxes), up from the previous session's price of Rs 1,47,200 per 10 grams.

Traders attributed the rebound to easing inflation concerns as crude oil prices retreated, boosting investor sentiment. Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, noted that 'Gold gained on Monday as easing tensions in West Asia triggered a sharp decline in crude oil prices, easing inflation concerns.'

However, gains in the domestic market remained limited due to a stronger Indian rupee against the US dollar. In the global markets, spot gold rose by USD 42.13 (1.04%) to USD 4,095.30 per ounce, while silver gained 1.47% to USD 59.04 per ounce.