New Delhi, Sep 10 (PTI) Gold prices rebounded after three sessions of losses, rising Rs 600 to Rs 1,58,600 per 10 gram in the national capital on Thursday on fresh buying by retailers and stockists.
The yellow metal of 99.9 per cent purity closed at Rs 1.58 lakh per 10 gram in the previous session.
Silver also extended its rally for the third consecutive session, 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.
“Gold and silver are edging higher as market participants await US Consumer Price Inflation (CPI) numbers, scheduled for release on Friday, for clues on the Federal Reserve’s September policy decision,” said Gaurav Garg, Head of Research at brokerage platform Lemonn.
However, overseas markets turned cautious ahead of the inflation data, with spot gold falling USD 61.29, or 1.4 per cent, to USD 4,340.71 an ounce and silver tumbling 6 per cent to USD 64.54.
“Gold slipped under USD 4,400 and silver eased below USD 66 an ounce on Thursday as investors turned cautious ahead of the inflation print that will shape the Fed’s September 15-16 decision,” said Kaynat Chainwala, AVP Commodity Research, Kotak Securities.
Crude extended its advance into Thursday’s session too, with Brent near USD 102.5 a barrel, its highest since May, and WTI around USD 96.5, as the US-Iran conflict showed no sign of easing, she said.
Chainwala added that rising crude prices fuelled inflationary pressures and weighed on bullion rates globally. PTI HG HVA
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