Commodities
Gold Prices Soar Rs 1,200 on Bargain Buying, Easing Crude Oil
Gold prices surged in India on Wednesday, rebounding by Rs 1,200 after three consecutive sessions of losses. This rebound was driven by bargain buying and easing crude oil prices.
The price of gold rose to Rs 1,55,600 per 10 grams (inclusive of all taxes) from Tuesday's closing level of Rs 1,54,400 per 10 grams. Silver also saw a significant increase, surging Rs 7,400 to Rs 2.42 lakh per kilogram.
Analysts say the easing crude oil prices and a softer tone in US Treasury yields ahead of the Federal Reserve's policy decision provided additional support to precious metals. The Fed is expected to announce a 25 basis points rate hike later today.