Indian Gold Prices Rebound as Investors Eye US Inflation Data
Gold prices in India rebounded by Rs 600 on Thursday, ending a three-day losing streak, driven by fresh buying from retailers and stockists. The yellow metal of 99.9% purity closed at Rs 1.58 lakh per 10 gram, after falling to Rs 1.58 lakh the previous session.
Silver also extended its rally for the third consecutive day, climbing by Rs 1,200 to Rs 2,44,600 per kilogram (inclusive of all taxes) from Wednesday's closing level of Rs 2,43,400 per kg, according to the All India Sarafa Association.
Market participants are awaiting US Consumer Price Inflation (CPI) numbers, scheduled for release on Friday, for clues on the Federal Reserve's September policy decision. This has led to caution in global markets ahead of the inflation data.
Gaurav Garg, Head of Research at brokerage platform Lemonn, said, 'Gold and silver are edging higher as market participants await US Consumer Price Inflation (CPI) numbers...'