Gold and Silver Surge on Fed Sparks

Published on May 27, 2024 14:13

Gold futures began the week with gains, rebounding from nearly $80 per ounce losses last week spurred by hawkish Fed comments. Silver futures surged almost 2%, trading at $31 per troy ounce internationally and Rs 92,028 per kg domestically. Gold, however, dipped to near two-week lows on reduced speculation of Federal Reserve rate cuts, supported by robust US economic indicators. Attention now shifts to US PCE inflation data, pivotal for Fed policy decisions, following concerns highlighted in May meeting minutes. MCX June bullion futures peaked at Rs 71,649, up Rs 393 per 10 grams.