Gold Prices Rebound on Weak Dollar, Easing Oil Prices
Gold prices rose modestly by Rs 200 to Rs 1,52,600 per 10 grams in India's national capital on Friday after four consecutive sessions of losses. The yellow metal had closed at Rs 1,52,400 per 10 grams the previous session. Silver prices remained unchanged at Rs 2.37 lakh per kilogram.
The recovery was attributed to a weak US dollar and easing oil prices, which gave investors some breathing space after a volatile week. Despite this rebound, gold is still on track for a weekly decline due to its significant rise earlier in the week.
Kaynat Chainwala, AVP Commodity Research at Kotak Securities, noted that elevated energy prices and persistent inflation concerns continue to strengthen expectations of further Federal Reserve tightening. This remains a headwind for bullion despite the short-term recovery.