Gold steady, silver gains over 1% as oil prices ease
COMEX gold was trading at $4,380.90 an ounce, up 0.10% on September 23. The contract had touched a high of $4,407.50 an ounce and a low of $4,378.60 an ounce.
COMEX silver was at $67.360 an ounce, up 1.25%. The metal moved between $68.055 an ounce and $67.240 an ounce during the session.
Gold has remained sensitive to movements in oil prices as investors assess their impact on inflation and the US Federal Reserve’s interest-rate path. Higher energy prices can add to inflationary pressures, potentially affecting expectations around interest rates, while higher rates can weigh on non-yielding assets such as gold.
Oil prices edged lower in early trade on Wednesday (September 23), with Brent crude down 0.07% at $99.18 a barrel and West Texas Intermediate down 0.39% at $90.17 as of 0119 GMT, according to Reuters.
Movements in oil prices remain relevant for bullion as investors assess their impact on inflation and the Federal Reserve’s interest-rate outlook. Higher energy prices can add to inflationary pressures, while higher interest rates can weigh on non-yielding assets such as gold.
In the Indian market, gold prices in New Delhi fell by ₹1,500 to ₹1.54 lakh per 10 grams on Tuesday (September 22), while silver remained unchanged at ₹2.42 lakh per kg, according to local traders.
Gold’s decline in the domestic market came amid a stronger US dollar and hawkish comments from Federal Reserve officials. Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said easing oil prices provided some support by reducing inflation concerns.
Investors are also watching comments from Federal Reserve officials for further clues on the direction of US monetary policy. Meanwhile, stronger gold imports by China have provided another demand-side factor for bullion prices.
-With agencies inputs
