Gold Prices Rebound Ahead of US Inflation Data
Gold and silver prices rebounded on Wednesday after three days of losses, with investors looking to US inflation data for clues on the Federal Reserve's interest rate policy. Spot gold was little changed at $4,178.59 an ounce, while US gold futures rose 0.7% to $4,210.30.
The MCX saw silver futures for September 2026 delivery rise by Rs 1,050 to Rs 2,26,487 per kg and gold futures for October 2026 delivery gain Rs 1,114 to Rs 1,47,346 per 10 grams. Manoj Kumar Jain of Prithvi Finmart noted that gold has support at $4,164-4,140 per troy ounce, with resistance at $4,220-4,250.
Investors are awaiting the US personal consumption expenditures (PCE) price index due later in the day and the nonfarm payrolls report scheduled for release on Friday. A 50% probability of a Fed rate hike in October and a 92% chance of a hike in December weigh on demand for gold, according to the CME FedWatch Tool.