Gold prices moved closer to the $4,300-per-ounce level on Wednesday, while silver jumped above $62 to hit a multi-week high, driven by strong safe-haven buying and robust industrial demand. A softer US dollar, with the dollar index trading below 100, provided additional support to precious metals.
Improved sentiment following renewed US-Iran diplomatic efforts eased concerns over oil supply disruptions and reduced inflationary pressures. Investors are now looking ahead to US labour market data, including ADP private payroll figures, for further indications of the Federal Reserve’s interest-rate outlook.
In domestic markets, MCX October gold futures advanced 1.5% to Rs 1,46,440 per 10 grams, while September silver futures climbed more than 2% to Rs 2,26,210 per kg.