Gold, Silver Prices Rise in India on Weaker Dollar and Softer Oil
The prices of gold and silver rose in India due to a weaker dollar and softer oil prices. The Federal Reserve unanimously raised the federal funds target range by 25 basis points to 3.75%-4.00% in September 2026, marking its first rate hike since 2023. The move aims to support a timely return toward the 2% inflation target.
The Bank of Japan is expected to raise borrowing costs, while the Bank of England is likely to keep rates unchanged. Goldman Sachs retained its end-2026 fair-value forecast of $4,900/oz for gold, citing net upside risk from continued strong central bank demand.
The prices of crude oil fell by 3.82% due to reports that Saudi Arabia was offering additional crude supplies to Asian refiners via ship-to-ship transfers off Oman's Sohar port. US crude, gasoline, and distillate inventories increased last week according to American Petroleum Institute data.