Gold Prices Rebound to Rs 1.53 Lakh Amid Crude Oil Price Easing
Gold prices rebounded to Rs 1.53 lakh on September 11 as crude oil prices eased, providing some relief to bullion. The MCX gold futures for the October contract had fallen below Rs 1,51,000 per 10 grams in early trading but recovered losses in the evening session to Rs 1,53,401 (18:29 IST), up 0.7 percent over the past 24 hours.
MCX spot gold declined to Rs 1,51,549 per 10 grams, while silver futures for the December contract witnessed a volatile session, declining to a low of Rs 2,30,549 per kilogram in the morning trade and recovering to Rs 2,35,634 per kilogram (18:20 IST), up 0.7 percent from the previous close.
The rebound in gold prices was attributed to the easing of crude oil prices, which fell from $110.40 towards $104.50. However, market experts are cautious about the impact of the Federal Reserve's interest rate decision and the upcoming US Consumer Price Index (CPI) print on gold prices.