Gold futures on the COMEX climbed 0.30% to $4,193.60 per ounce, while silver futures rose 0.51% to $57.60 per ounce, marking the first uptick after a 2.4% drop in Indian gold and a 6.4% fall in domestic silver last week.
In India, December gold futures slid 2.4% to ₹147,000 per 10 grams and silver fell 6.4% to ₹211,000 per kg, a move largely attributed to the rupee's 94.8 per dollar pivot from 96.8, easing import costs.
Safe‑haven buying has been fueled by an 18‑month high US dollar index and a slide in Treasury yields, which lowered the opportunity cost of holding non‑interest‑bearing bullion, according to Prithviraj Kothari, MD of RiddiSiddhi Bullions.
Analysts see potential upside to $4,200 for gold, translating to ₹151,000 per 10 grams, while silver would need to stay above $56.30, or ₹210,000 per kg, to target $58.50, Kothari said.
Market watchers will monitor the Strait of Hormuz, oil prices, dollar moves, and forthcoming U.S. inflation data, as any uptick in rates could curb bullion demand; the next key data release is the U.S. consumer‑price index on Friday.