Gold and Silver Prices Tied to Crude Oil in Near Term

Gold and silver prices are likely to remain linked to crude oil movements in the near term, Chirag Thakkar of Amrapali Group told media. According to him, domestic jewellery demand has been increasing month on month.

The US Federal Reserve's recent rate decision had a limited immediate impact as it was largely factored into market expectations, Thakkar said. He also pointed to discussions around a possible rationalisation of import duties on gold and silver, although he said such expectations remained unconfirmed.

Thakkar expects buying activity to gain momentum after the Shradh period as consumers enter the traditional festive buying season. However, he expects demand during the current quarter to remain below last year's level.