Now Reading: Gold, silver surge on weak US jobs, Iran tensions
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Gold, silver surge on weak US jobs, Iran tensions
Gold and silver prices rallied sharply last week, with gold futures on the Multi Commodity Exchange gaining nearly 6% to settle around Rs 1.51 lakh per 10 grams. Silver surged even more,…
The Story in Brief
Gold and silver prices rallied sharply last week, with gold futures on the Multi Commodity Exchange gaining nearly 6% to settle around Rs 1.51 lakh per 10 grams. Silver surged even more, rising almost 7% to about Rs 2.31 lakh per kg. Internationally, silver jumped nearly 10% to $63.50 per ounce, while gold rose 7% to $4,399.70 per ounce.
Analysts attribute the rally to weaker-than-expected US jobs data, which raised hopes of easier monetary policy from the Federal Reserve. A softer dollar and persistent US-Iran tensions also boosted safe-haven buying. Markets now await US CPI and PPI data this week for further cues on interest rates.
The Indian Opinion
The narrative that gold and silver are rallying purely on geopolitics ignores the bigger role of US monetary policy and the dollar. While Iran tensions do fuel volatility, this rally was sparked by weak payrolls and falling rate expectations. Silver has outperformed gold, contradicting the lazy claim that silver merely tags along. Watch this week's US inflation numbers: if CPI comes hot, the rally could stall sharply. That will test whether the current momentum is durable or just a speculative breeze.
Sources (2): timesofindia.indiatimes.com, livemint.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
