Gold Prices Soar on Dovish Fed Comments, Silver Sees Significant Gains
Gold and silver prices have seen significant gains in India's domestic market, with gold rising by up to Rs 1,200 per 10 grams and silver jumping by around Rs 2,000. According to bullion market data, the current price of gold is around Rs 1,52,310 per 10 grams, while silver is trading at approximately Rs 2,37,130 per kilogram.
As of September 5, gold prices in various Indian cities are as follows: Delhi (22 carat) - Rs 1,40,039 per 10 grams, and Rs 15,277 per gram for 24 carat; Mumbai (22 carat) - Rs 14,287 per gram or nearly Rs 1,40,287 per 10 grams; Chennai - Rs 15,195 per gram or nearly Rs 1,51,950 per 10 grams.
Experts attribute the rise in gold and silver prices to a retreat in the US dollar and Treasury yields following dovish comments from Federal Reserve officials. This has led to reduced expectations of an immediate rate hike, supporting gold's gain of 2.21% on Saturday, September 5.