Gold futures on the Comex jumped $144 to $4,180 per ounce on Thursday, while silver gained $1 to reach $59.17, as softer US inflation data in June prompted traders to scale back bets on further interest rate hikes.
The cooling inflation print triggered a sharp decline in the US dollar index, providing immediate tailwinds for dollar-denominated assets.
Livemint reported that both metals extended their winning streaks despite earlier monthly losses, signaling a potential shift in market sentiment after a period of severe pressure.
Livemint reported that both metals extended their winning streaks despite earlier monthly losses, signaling a potential shift in market sentiment after a period of severe pressure.
The rally marks a significant reprieve for precious metals, which recently posted their worst quarterly performance in years.
The rebound was driven by a shift in market sentiment as fears of persistent inflation subsided, allowing safe-haven demand to re-emerge.
The dollar's weakness amplified the gains, as lower currency values make gold and silver more attractive to international buyers.