Gold and silver rebound in India as US dollar eases
Gold and silver prices in India made a comeback on Friday after the previous session's sharp sell-off.
Gold futures rose 0.63% to ₹1.48 lakh per 10gm, while silver climbed 1.3% to ₹2.13 lakh per kilogram on the MCX.
This recovery was mainly thanks to a weaker US dollar and lower US Treasury yields, which tend to boost precious metal prices.
Kevin Warsh comments calm global metals
Globally, gold and silver also edged up as recent comments by Federal Reserve Chair Kevin Warsh offered no clear indication of an immediate rate hike, helping calm the markets a bit.
In India, a weaker rupee can cushion the impact of falling international gold prices, but there's more: some fund houses have restricted fresh subscriptions to gold exchange-traded funds (ETFs) to moderate investment-driven gold demand amid concerns over gold imports and pressure on the rupee.
All these factors are shaping how gold and silver move right now.