Gold and silver prices sharply surged during the trading session on Friday, September 11 even as US inflation topped estimates, raising possibility of interest rate hike by the Federal Reserve next week.
Spot gold rose 1.77% to $4,393 on Friday, while Silver advanced around 2.41% to $65.12/oz.
Bullion prices in India climbed too, with MCX gold October futures contract jumped 0.79% to Rs 1,53,729 per 10 grams, while MCX silver December futures contract rose 1.05% to Rs 2,36,562 per kg.
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US consumer prices advanced by more than expected in the August, strengthening the case for the Federal Reserve officials to hike interest rates next week. The consumer price index, excluding food and energy, rose 0.3% in August from a month earlier, according to Bureau of Labor Statistics data released on Friday. According to Bloomberg survey, median estimate indicated a 0.2% increase. On an annual basis, it advanced 2.4%.
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