Gold Rebounds as Crude Oil Prices Ease
Gold prices rebounded by Rs 1,200 in India on Wednesday after three consecutive sessions of losses. The yellow metal rose to Rs 1.55 lakh per 10 grams, a price point that includes all taxes. Silver also surged, increasing by Rs 7,400 to trade at Rs 2.42 lakh per kilogram.
Analysts attributed the bounce in gold prices to bargain buying by traders and easing crude oil prices. Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said that a pullback in crude oil prices improved sentiment towards bullion.
In global markets, spot gold gained 1.3% to trade at USD 4,348.10 per ounce, while silver rose by 1.5% to USD 64.61 an ounce. Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, noted that investors are interested in knowing whether the Federal Reserve's rate hike will be a one-off or a series of hikes.