Muthoot Finance jumps nearly 4% as gold hits $4,165.29 and silver climbs to $62.28
AI Market Summary
Gold and silver extended a strong rally, supported by weaker-than-expected US labor data that increased expectations of a less aggressive Federal Reserve stance. Higher bullion prices lifted sentiment across precious-metals-linked equities and ETFs, with Indian gold-loan financiers and a major silver producer gaining. The move underscores renewed bid for defensive and real assets as rates expectations soften, while broader risk sentiment in Indian equities remained constructive.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT+0.97%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▲ Bullish
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Global gold and silver prices surged, with spot gold rising to $4,165.29 an ounce—its highest since late June—and spot silver gaining 2.1% to $62.28. The move followed weaker-than-expected US labour market data that fuelled expectations of a shift in the Federal Reserve’s policy stance. In India, shares of gold loan firms Muthoot Finance and Manappuram Finance, along with silver producer Hindustan Zinc, advanced. Domestic gold rebounded to Rs 148046 per 10 grams, about 5.4% above this week’s low.
