Gold Prices Firm Amid Mixed Signals, Silver Edges Lower
Gold prices remained firm on Thursday, September 10, despite silver edging lower in global markets. Spot gold was around $4,461.40 an ounce, up marginally from the previous close of $4,448 an ounce, while silver was trading at $68.11 an ounce, down 0.78%.
The latest move in precious metals comes against a mixed global backdrop. Brent crude rose to around $101.4 a barrel on Thursday (September 10), raising concerns that higher energy prices could keep inflation elevated.
Vedika Narvekar, Research Analyst, Commodities & Currencies at Anand Rathi Share and Stock Brokers, expects gold to remain in the $4,300-$4,500 an ounce range in the near term. A softer-than-expected US consumer inflation data reading on Friday (September 11) could reduce expectations of tighter monetary policy and provide further support to gold.
Meanwhile, Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., said gold and silver were trading steady as a soft dollar and escalating US-Iran tensions kept markets on edge ahead of the inflation data. Silver's dual role as both an investment asset and an industrial metal makes it sensitive to changes in both investor sentiment and expectations for global economic activity.