Gold Soars Rs 1,600 as Oil Prices Ease Inflation Concerns

Gold prices rebounded in India's national capital on Friday, rising Rs 1,600 to Rs 1.56 lakh per 10 grams due to easing oil prices and inflation concerns. According to local traders, gold of 99.9 percent purity appreciated Rs 1,600 to Rs 1.56 lakh per 10 grams from Thursday's closing level of Rs 1.55 lakh per 10 grams.

Silver also joined the rebound, climbing Rs 5,000 to Rs 2.47 lakh per kilogram after ending flat at Rs 2.42 lakh per kg in the preceding session.

Gaurav Garg, Head of Research at brokerage platform Lemonn, attributed gold's recovery to the dollar and US Treasury yields easing, as investors reassessed positions following the Federal Reserve's interest rate hike.