Gold Gains Over 1% This Week As Cooling Crude Oil Prices Add Fresh Shine To Precious Metal
Mumbai: Gold prices ended the week with firm gains as cooling crude oil prices supported sentiment, although hawkish signals from the US Federal Reserve limited the upside in precious metals. The price of 24-carat gold rose to ₹1,53,727 per 10 grams on Friday from ₹1,51,938 a week earlier, according to India Bullion and Jewellers Association data. This marked a weekly increase of nearly 1.18%.…
This week, gold prices surged by over 1%, benefiting from the decline in crude oil prices. As crude oil fell below $100 per barrel for three straight days, gold found support. However, hawkish signals from the US Federal Reserve capped the upside for precious metals. The Fed raised interest rates by 25 basis points, signaling potential further tightening.
Despite this, gold prices rose to ₹1,53,727 per 10 grams, marking a weekly increase of nearly 1.18%. Silver also gained, though to a lesser extent, due to expectations of a supply deficit.
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