Commodities
Gold Prices Rebound in India as Oil Falls and Dollar Eases
Gold prices rebounded sharply in India on Friday, rising by Rs. 1,600 to reach Rs. 156,600 per 10 grams. This is a significant increase from Thursday's closing price of Rs. 155,000 per 10 grams.
Silver also joined the rally, climbing Rs. 5,000 to Rs. 2.47 lakh per kilogram.
The recovery was largely driven by easing oil prices, which have been falling for three consecutive sessions. This has eased inflation concerns and given investors room to return to bullion after a recent sell-off.
Gaurav Garg, Head of Research at Lemonn, attributed the gold recovery to the dollar and US Treasury yields easing following the Federal Reserve's interest rate hike.