Gold Prices Rise Rs 1,200/10g as Investors Await US Inflation Data

Gold and silver prices rose on the Multi Commodity Exchange (MCX) on Wednesday as investors awaited US inflation data for clues on the Federal Reserve's monetary policy path.

The MCX silver futures for September 2026 delivery were up Rs 2,612 at Rs 2,38,271 per kg, while gold futures for October 2026 delivery rose by Rs 1,200 to Rs 1,54,950 per 10 grams.

The increase in prices was also influenced by ongoing tensions in the Middle East, which kept concerns over oil-led inflation in focus. Oil prices moved higher due to uncertainty over a US-Iran peace deal and attacks on two ships, raising fears of supply disruptions in the region.

Markets have reduced their bets on a September Federal Reserve rate hike to 48% following Friday's weaker-than-expected jobs report. The US Consumer Price Index data, due later on Wednesday, could provide further direction for rate expectations.

Manoj Kumar Jain of Prithvi Finmart suggested buying gold on dips in the Rs 1,51,000-1,50,000 range, with a stop loss below Rs 1,48,800 and targets of Rs 1,53,000-1,54,400. He also recommended buying silver in the Rs 2,29,000-2,27,000 range, with a stop loss below Rs 2,24,000 and targets of Rs 2,34,400-2,38,000.