Gold and Silver Soar to Seven-Week Highs on Rate-Cut Bets

Gold and silver prices surged in India last week, reaching seven-week highs. The jump was driven by cooling US inflation data, falling Treasury yields, and expectations of an imminent Federal Reserve interest rate cut.

The Indian Bullion and Jewellers Association (IBJA) reported that gold increased by ₹5,670 (+3.93%) to ₹1,49,890 per 10 grams, while silver gained ₹12,716 (+5.82%) to reach ₹2,31,380 per kg.

On the Multi Commodity Exchange (MCX), gold futures rose by ₹5,708 (+3.96%) to hit an intraday high of ₹1,50,487 per 10g, while silver futures gained ₹14,175 (+6.45%).

The rapid price increase caught retail buyers and jewellers off-guard ahead of the upcoming festival season.