Gold, Silver Prices Spike on Softer Oil Prices
Gold and silver prices surged this week, supported by softer crude oil prices that eased concerns over energy-driven inflation. On the Multi Commodity Exchange (MCX), gold futures for October delivery rose 0.84 per cent to Rs 1,54,263 per 10 grams on Friday.
The yellow metal touched an intraday high of Rs 1,54,600 and a low of Rs 1,52,171 during the session. Silver futures for December delivery gained 0.16 per cent to Rs 2,42,000 per kg.
According to data from the India Bullion and Jewellers Association (IBJA), 24-carat gold stood at Rs 1,53,727 per 10 grams on Friday, up Rs 1,789, or more than 1 per cent, from Rs 1,51,938 on September 11.
Analysts said precious metals remained under pressure at the beginning of the week amid supply-related risks in the Middle East and signals from the US Federal Reserve. However, crude oil prices declined for three consecutive sessions during the week and fell below $100 a barrel.