Gold, Silver Prices Soar Up to 3% Amid Softening Crude Oil Prices

Gold and silver prices surged this week in India, rising up to 3% due to softer crude oil prices. The decline in crude oil prices eased concerns over energy-driven inflation, supporting precious metals. On the Multi Commodity Exchange (MCX), gold futures rose 0.84% or Rs 1,282 to Rs 1,54,263 per 10 grams on Friday.

Silver futures gained 0.16% to Rs 2,42,000 per kg, with analysts attributing the increase to expectations of a supply deficit for the sixth consecutive year. The white metal touched an intraday high of Rs 2,43,047 and an intraday low of Rs 2,38,173 during the session.

Market experts said investors will closely track US interest rates, bond yields, and global geopolitical developments in the coming days to determine the direction of gold and silver prices. The impact of the closure of a key Saudi Arabian pipeline on supplies was lower than initially feared, easing concerns over energy inflation and supporting gold.