Gold Soars on Crude Price Decline, Silver Surges ₹5,000
Gold prices in India made a sharp comeback on Friday, climbing by ₹1,600 to reach ₹1,56,600 per 10 grams after a recent sell-off. The recovery was attributed to easing crude oil prices, which reduced immediate inflation concerns.
The US dollar and Treasury yields also declined, encouraging investors to return to gold despite the Federal Reserve's latest interest rate increase. Silver prices jumped ₹5,000 to reach ₹2,47,000 per kilogram, outperforming gold in its recovery from recent losses.
Market analysts noted that while bond yields and a firm US dollar limited the upside in bullion prices, global markets saw gains across international bullion markets. Spot gold advanced $50.96, or 1.17%, to $4,392.78 per ounce, while international silver prices jumped 3.10% to $67.21 per ounce.
Oil prices declined for a third consecutive session to around $101 per barrel, reducing immediate concerns about supply disruptions. However, continuing geopolitical tensions in West Asia remain an important risk for commodities and will be closely tracked by investors.