Gold and Silver Prices Plunge as Crude Oil Hits $111
Sovereign gold bonds and silver prices in India fall sharply as global markets react to rising crude oil prices and profit booking.
Market Overview
Gold prices in India plunged to ₹145,000 per 10 grams, while silver prices fell to ₹2.09 lakh per kilogram on Thursday evening.
On the global Comex exchange, gold prices dropped to $4,135 per ounce and silver to $57 per ounce by late evening.
Crude oil prices surged to $111 per barrel, marking a significant increase from the previous day.
Specific Commodity Prices
Gold saw a 1485 rupee decline, closing at ₹1,45,781 per 10 grams, with a high of ₹1,46,715 and a low of ₹1,46,609.
Silver prices fell 1008 rupees, trading at ₹2,08,957 per kilogram, with highs at ₹2,09,999 and lows at ₹2,08,820.
Analysts from LK Securities, Vikram Pandit, mentioned that gold prices on Comex are around $4,140 per ounce, with a strong resistance at $4,200.
Market Factors
The strong USD index around 101.95 has limited the upward momentum of gold prices.
Investors will closely watch the US Federal Reserve's interest rate decision and policy guidelines in October, which could further impact commodity prices.
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