Gold rates and silver rates in India surged sharply on Friday, October 9, tracking a broader recovery in international bullion markets as prices rebounded from two-month lows.

Gold futures on the Multi Commodity Exchange (MCX) rose nearly 1% in early trading, reclaiming the Rs 150,000  mark, while MCX silver contracts rallied over Rs 2,800 to trade near 224,000 rupees per kilogram.

Spot gold surged 1% to around $4,175 per ounce, while spot silver climbed 2% to near $60 per ounce.

The precious metals rally coincided with a 1% pull-back in crude oil prices. U.S. West Texas Intermediate (WTI) crude hovered near $91 per barrel, while global benchmark Brent crude traded around $104 per barrel.

Oil prices eased after U.S. President Donald Trump cited “productive discussions” with Iran, adding that the U.S. would refrain from strikes prior to the upcoming mid-term elections, despite recent reports of intensified attacks on commercial tankers in the Strait of Hormuz.

Meanwhile, benchmark U.S. 10-year Treasury yields held steady around 5.23%, remaining below 24-year highs following a well-received 30-year bond auction. The 30-year U.S. yield traded near 5.61%.

The U.S. dollar index slipped slightly but hovered near the 102 level. Financial markets currently price in an 82% probability that the U.S. Federal Reserve will hold interest rates steady at its October policy meeting, alongside an 81% likelihood of a rate increase in December. On Thursday, St. Louis Fed President Alberto Musalem signaled that further rate hikes over the next six to nine months may be warranted to steer inflation back toward the central bank’s 2% target.