Bullion Market Stages Strong Comeback As Gold Rises ₹1,600 and Silver Soars ₹5,000 On Softer Crude

New Delhi witnessed a strong rebound in the bullion market as gold and silver prices surged on easing crude oil prices. The rising precious metals climbed by ₹1,600 and ₹5,000, respectively, bringing their prices to ₹1,56,600 per 10 grams and ₹2,47,000 per kilogram, inclusive of taxes. This upward movement came after a recent sell-off, with gold reaching ₹1,55,000 per 10 grams in the previous session.

Market analysts noted that silver outperformed gold, as both precious metals bounced back from recent losses. However, higher bond yields and a strong US dollar curbed the overall upside in bullion prices. The global bullion markets mirrored India's gains, with spot gold advancing 1.17% to $4,392.78 per ounce and international silver prices surging 3.10% to $67.21 per ounce.

Gold-backed exchange-traded funds recorded net inflows for the eighth consecutive day, pushing total global ETF holdings to 100.39 million ounces, marking a year-to-date rise of 1.44 million ounces. The decline in crude oil prices, expected to continue for a third session, contributed to the positive sentiment, as investors anticipated restored Saudi Arabian supply and alternative shipping routes, reducing concerns about supply disruptions.

However, ongoing geopolitical tensions in West Asia remain a significant risk for commodities. Investors will now closely monitor crude oil prices, the US dollar, Treasury yields, and further developments in the region to gauge the direction of gold and silver markets.