Commodities
Gold Prices Rise Amid Crude Oil Price Correction
Gold prices rose nearly 1.18% on a weekly basis as crude oil prices retreated.
The price of 10 grams of 24-carat gold was at Rs 1,53,727 on Friday, up from Rs 1,51,938 seen last Friday, according to data published by the India Bullion and Jewellers Association (IBJA).
The precious metal initially came under pressure digesting Middle East supply shocks and fresh signals from the Federal Reserve. However, the rebound from crude price correction proved short-lived as the US Fed's unexpectedly hawkish outlook overshadowed a rate hike that had been largely anticipated by markets.