1 day ago
Gold And Silver Rebound Sharply As Crude Oil Retreats
Gold and silver prices rose strongly after recently falling.
In New Delhi, gold became ₹1,600 more expensive for every 10 grams.
Silver rose even more, gaining ₹5,000 for each kilogram.
Investors were encouraged by lower crude oil prices.
A weaker US dollar and lower Treasury yields also supported bullion prices.
Gold and silver prices increased in international markets too.
Gold-backed funds received new investment for the eighth day in a row.
However, high bond yields and tensions in West Asia could still affect prices.
Gold prices in New Delhi rose ₹1,600 to ₹1,56,600 per 10 grams for 99.9% purity, including taxes.
Silver gained ₹5,000 to reach ₹2,47,000 per kilogram, including taxes.
Lower crude oil prices, a weaker US dollar and declining Treasury yields encouraged investors to return to bullion.
Spot gold rose 1.17% to $4,392.78 per ounce, while international silver prices climbed 3.10% to $67.21 per ounce.
Oil prices fell for a third consecutive session to around $101 per barrel, although geopolitical tensions and elevated bond yields remained risks.
- Who
- Bullion traders, investors and gold-backed exchange-traded funds were involved in the reported market activity.
- What
- Gold and silver prices staged a strong recovery in India and international markets.
- Where
- The recovery was reported in New Delhi and across international bullion markets.
- When
- In the latest trading session reported, after gold and silver had recently declined.
- Why
- Lower crude oil prices, a weaker US dollar and declining Treasury yields encouraged buying, while reduced concerns about near-term inflation also supported gold.
Key facts
- Gold price
- ₹1,56,600 per 10 grams for 99.9% purity, including taxes
- Gold daily increase
- ₹1,600
- Silver price
- ₹2,47,000 per kilogram, including taxes
- Silver daily increase
- ₹5,000
- Spot gold
- $4,392.78 per ounce after rising 1.17%
- International silver
- $67.21 per ounce after rising 3.10%
- Crude oil
- Around $101 per barrel after declining for a third consecutive session
- Gold-backed ETF holdings
- 100.39 million ounces, with net inflows for the eighth consecutive day
Sources
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