Bullion counters rebound in volatile trades, Silver sees solid spike

Precious metals are witnessing volatile moves as both Gold and Silver spiked today after witnessing heavy selling pressure in last session after elevated inflation reading in the US. The US inflation rose 0.4% from September to October. Higher energy costs driven by the Iran war have been the main factor behind increased inflation, which has been above an annualized 3% since the war started in late February. This pushed up the US bond yields and hurt Bullion counters. Gold fell from two week high and lost around 2%. Silver tanked around 2.80% as well. However, a good bounce was seen today and COMEX Gold is up 1% at $4071 per ounce while Silver has soared 3.51% at $53.02 per ounce. MCX Gold futures are up 0.94% at Rs 141847 per 10 grams. MCX Silver futures spiked 2.89% to trade at Rs 187850 per kg.

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