Indian Gold Prices Rebound Amid Global Caution Ahead of Fed Decision
Gold and silver prices rebounded in India on Thursday after three consecutive sessions of losses. The gains were driven by fresh buying from retailers and stockists, which helped gold prices rise by Rs 600 to Rs 1,58,600 per 10 gram.
Silver also extended its rally for the third day, climbing by Rs 1,200 to Rs 2,44,600 per kilogram. The yellow metal of 99.9 percent purity had closed at Rs 1.58 lakh per 10 gram in the previous session.
According to Gaurav Garg, Head of Research at Lemonn, market participants are awaiting US Consumer Price Inflation (CPI) numbers for clues on the Federal Reserve's September policy decision. Overseas markets turned cautious ahead of the inflation data, with spot gold falling USD 61.29, or 1.4 percent, to USD 4,340.71 an ounce and silver tumbling 6 percent to USD 64.54.
Rising crude oil prices, fueled by the US-Iran conflict, are contributing to inflationary pressures globally and impacting bullion rates. Brent crude was near USD 102.5 a barrel, its highest since May, while WTI was around USD 96.5.