Gold and silver retreat on profit taking after global rally
Business
Gold and silver prices took a dip on Thursday after a big jump the day before.
On the COMEX, gold futures slipped 0.85% to $4,116.50 per ounce, and silver dropped 0.83% to $59.795 per ounce.
Wednesday had seen domestic gold shoot up by ₹1,900 and silver by ₹8,500 thanks to a global rally, but some quick profit-taking brought prices back down.
Fed meeting could shake gold, silver
Even with tensions in places like Iran and Yemen making gold look safer than usual, rising oil prices pushed up inflation worries and made the US dollar stronger, both things that usually drag gold down.
Now all eyes are on next week's Federal Reserve meeting for clues about interest rates, which could shake up gold and silver prices again soon.