Gold and silver prices are on fire. Gold hit a 4-month high on Monday, just Rs 2,490 below its record. In India, gold nears Rs 1,06,000 per 10 gramme while silver crosses Rs 1.24,000 per kg.
Gold hits $3,469.84/oz, its highest since April. Silver jumps 2.3% to $40.60/oz as the US dollar weakens, boosting demand.
Inflation fears and Fed rate cut hopes have led to gold and silver rally. US data shows price pressures persist, driving metal rates higher.
Silver prices keep climbing on hopes of lower US interest rates and tight global supply. Adding fuel to the rally, San Francisco Federal Reserve President Mary Daly recently voiced support for rate cuts, citing risks in the labour market.
Markets are now eyeing the upcoming US jobs report, with expectations that the Fed will begin rate cuts in September—something that typically boosts gold demand, analysts say.
Friday’s US non-farm payroll data is expected to show 78,000 new jobs in August, up from 73,000 in July. Gold, which does not generate interest, usually shines in low-rate environments. Platinum and palladium prices also rose, while gold and silver hit fresh highs—posing fresh challenges for buyers.
