Gold Rebounds as Bargain Buying and Easing Oil Prices Boost Sentiment

Gold prices rebounded in New Delhi on Wednesday after three consecutive sessions of losses. The yellow metal rose Rs 1,200 to Rs 1,55,600 per 10 grams, while silver surged Rs 7,400 to Rs 2.42 lakh per kilogram.

The price increase was due to bargain buying by traders and easing crude oil prices. Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, said gold's resilience despite a sharp rise in oil prices on Tuesday reflected uncertainty over the Federal Reserve's stance going forward.

'Investors are interested in knowing whether this rate hike could be one-off hike or could become a series of hikes,' Singh added. Markets expect a 25 basis points rate hike by the Federal Reserve in its upcoming meeting.