Gold Rebounds: ₹1.47 Lakh Per 10g Amidst Global Shifts

Gold prices rebounded by ₹3,000 on Thursday, settling at ₹1.47 lakh per 10 grams in the national capital. This recovery followed a two-day slide and was driven by firm international markets and a weaker US dollar, which stimulated demand for the precious metal. Silver also continued its upward trend, rising ₹5,000 to ₹2.40 lakh per kilogram.

Market participants cited a less hawkish stance from the US Federal Reserve Chair as a key factor in gold's resurgence, easing concerns about an immediate interest rate hike. Globally, spot gold increased by 1% to USD 4,070.04 per ounce, while silver rose by 1.3%.

The softer US dollar, influenced by the Japanese Yen's strength after reported intervention by the Bank of Japan, made gold more attractive to foreign currency holders. Additionally, positive remarks on US-Iran talks contributed to market sentiment.

Investors are now keenly awaiting the US non-farm payrolls report, which is expected to offer insights into the labor market's strength and guide the Federal Reserve's future policy decisions. Geopolitical developments and interest rate expectations are anticipated to remain significant price drivers for bullion in the second half of the year.