Gold, Silver Prices Surge as Oil Drop Eases Inflation Concerns

Gold prices in India saw a significant rebound on Friday, rising Rs 1,600 to Rs 1.56 lakh per 10 grams as oil prices dropped, easing inflation concerns and making investors more willing to buy bullion.

Silver also joined the rally, climbing Rs 5,000 to Rs 2.47 lakh per kilogram.

Gaurav Garg, Head of Research at brokerage platform Lemonn, attributed the gold recovery to a decrease in the dollar and US Treasury yields, which followed the Federal Reserve's interest rate hike.

Spot gold prices rose by $50.96, or 1.17%, to $4,392.78 per ounce, while silver advanced 3.10% to $67.21.