Gold Rebounds to Rs 1.53 Lakh Amid Crude Oil Price Easing, But Rate Hike Fears Loom
Gold prices in India rebounded to Rs 1.53 lakh on September 11 as crude oil prices eased from $110.40 to $104.50, offering some relief to bullion.
The MCX gold futures for the October contract fell below Rs 1,51,000 per 10 grams in early session but recovered losses in evening trade to Rs 1,53,401 (18:29 IST), up 0.7 percent over past 24 hours.
Silver futures for December contract also witnessed volatile session, declining to low of Rs 2,30,549 per kilogram in morning trade and recovery seen in evening session to Rs 2,35,634 per kilogram (18:20 IST), up 0.7 percent from previous close.
Vedika Narvekar, Research Analyst at Anand Rathi Share and Stock Brokers, said that $4,300 remains key psychological support level in spot market, which is around Rs 1,51,000 on MCX.