Indian Gold Prices Rebound Amid Global Market Caution Ahead of Fed Decision
Gold prices in India rebounded by Rs 600 on Thursday, snapping a three-day losing streak. The rise was driven by fresh buying from retailers and stockists.
Silver also extended its rally, climbing by Rs 1,200 per kilogram to Rs 2,44,600 per kg. This marks the third consecutive day of gains for silver in India.
The global market is cautious ahead of US inflation data and the Federal Reserve's policy decision. Rising crude oil prices, fueled by the ongoing US-Iran conflict, are contributing to inflationary pressures globally and impacting bullion rates.
Gaurav Garg, Head of Research at Lemonn, said that gold and silver are edging higher as market participants await US Consumer Price Inflation (CPI) numbers for clues on the Federal Reserve's September policy decision.