Gold Prices Edge Up on MCX as Silver Rebounds Amid US Inflation Wait
Gold prices on the Multi Commodity Exchange (MCX) rose marginally, while silver rebounded by Rs 2,000 per kilogram as investors waited for key US inflation data. The US Personal Consumption Expenditures (PCE) price index for July is due later in the day.
The MCX silver futures for September 2026 delivery were up Rs 2,053 to Rs 246,180 per kilogram, while gold futures for October 2026 delivery rose by Rs 320 to Rs 163,202 per 10 grams. This comes after a three-day decline in silver prices.
Traders are pricing in a 60.4% chance that the Federal Reserve will leave interest rates unchanged next month, according to the CME FedWatch Tool. Lower rates tend to support gold as it is a non-yielding asset.
Markets are also watching for the speech of Fed Chairman Kevin Warsh at the central bank's Jackson Hole symposium on Friday.