Gold and Silver Soar as Festival Season Begins

Gold and silver prices have surged in India as the festival season begins. On September 16, gold rose by 0.28%, settling at Rs 150,809 per 10 grams. Silver, however, gained 1.3% or Rs 3,006 to reach Rs 2,35,124 per kg in early trade.

The global bullion market is experiencing volatility due to the combined impact of US Treasury yields, the US dollar, crude oil prices, and expectations around the Federal Reserve's interest rate decision. Commodity Expert Ajay Kedia noted that gold was pressured by rising crude oil prices, which heightened inflation concerns, as well as lifted Treasury yields.

Silver has seen a significant rise in August, increasing by 8.51% to reach Rs 2,55,000 per kg by the end of the month. However, prices have corrected in September, with the retail price coming down to around Rs 2,44,900 per kg on September 16.