Gold Slips, Silver Jumps in Delhi Amid Inflation Fears: Rediff Moneynews

New Delhi, Sep 9 (PTI) Declining for the third straight session, Gold prices fell Rs 100 to Rs 1,58,000 per 10 grams in the national capital on Wednesday amid subdued demand in local markets.

The yellow metal of 99.9 per cent purity had closed at Rs 1,58,100 per 10 grams in the previous session.

However, silver bucked the trend and extended its gains for the second straight session, surging by Rs 2,300 to Rs 2,43,400 per kilogram (inclusive of all taxes) from Tuesday’s closing level of Rs 2,41,100 per kg, according to the All India Sarafa Association.

“Gold has remained within a narrow range as investors take a cautious approach ahead of important US inflation data set to be released later this week,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

He added that rising crude oil prices have revived concerns over persistent inflation amid escalating tensions in West Asia.

“Higher energy costs could add to inflationary pressures and reinforce expectations that interest rates may remain elevated, limiting the upside in bullion,” Gandhi said.

In global markets, spot gold gained USD 43.67, or 1 per cent, to USD 4,399.22 per ounce, while silver rose nearly 1 per cent to USD 66.25 per ounce.

Spot gold recovered after recent losses as traders awaited US Treasury Secretary Scott Bessent’s announcement on the long-term debt buyback programme, Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, said.

Manav Modi, Commodities Analyst at Motilal Oswal Financial Services Ltd, said, “Market attention now shifts firmly to US PPI and CPI data later this week, which will be crucial in determining whether inflationary pressures justify a September Fed hike”.