Gold jumps $107, silver gains as US inflation eases
Business
Gold and silver prices bounced back on Thursday, thanks to US inflation data coming in lower than expected.
Gold shot up by $107 to $4,502 per ounce, while silver rose $3.30 to $75.23 per ounce, recovering from recent lows.
US PCE 3.8% calms Fed fears
The US personal consumption expenditures (PCE) index grew 3.8% year over year in April, calming worries about more Fed rate hikes. This helped gold and silver recover globally.
Meanwhile, tensions in the Middle East pushed crude oil higher and also influenced Indian markets: MCX gold futures climbed ₹873 to ₹156,500 per 10gm; silver jumped ₹5,320 to ₹266,320 per kilogram.