Gold Soars Rs 1,400/gram Amid Weaker US Inflation Data
Gold prices rose Rs 1,400 per gram in two days on Thursday, while silver dipped marginally despite softer-than-expected US inflation data. The MCX gold futures for October 2026 delivery climbed to Rs 1,55,145 per 10 grams, and the MCX silver futures for September 2026 delivery fell by Rs 535 at Rs 2,37,300 per kg.
The softer-than-expected US inflation data reduced expectations of an imminent Federal Reserve rate hike. The Consumer Price Index rose 3.4% in the 12 months through July, easing from 3.5% in June. This led to a decrease in the probability of an interest rate hike at the Fed's September meeting, with markets now pricing in a 40% chance.
Jigar Trivedi of IndusInd Securities suggests that MCX Gold may witness profit booking and notes Rs 1,54,000 per 10 grams as support for the day. The silver prices continued their rally due to increased investment demand, but may see profit booking.