Gold Rises, Silver Drops as Market Focus Shifts to US Inflation Data

Gold prices rose on the Multi Commodity Exchange (MCX) early Monday due to a stable dollar and declining crude oil prices. The MCX gold October futures increased by 0.42% to ₹1,63,120 per 10 grams.

Silver prices, however, declined as investors booked profits ahead of key economic data releases this week. MCX silver September contracts dropped 0.58% to ₹2,45,171 per kg around 9:35 AM.

The focus is now on the US inflation prints and a speech by US Federal Reserve Chair Kevin Warsh at the Jackson Hole gathering in Wyoming.

Ravi Singh, Chief Research Officer at Master Capital Services, said that renewed bond selling and high US debt levels have kept fiscal concerns elevated, supporting demand for gold as a hedge against financial and currency risks.