MCX Gold, Silver Prices Surge Amid Middle East Tensions
Gold and silver prices surged 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 ongoing tensions in the Middle East also kept concerns over oil-led inflation in focus.
The MCX silver futures for September 2026 delivery rose by Rs 2,612 to Rs 2,38,271 per kg, while gold futures for October 2026 delivery increased by Rs 1,200 to Rs 1,54,950 per 10 grams. Oil prices also moved higher as uncertainty over a US-Iran peace deal and attacks on two ships raised fears of supply disruptions in the Middle East.
Markets have reduced their bets on a September Federal Reserve rate hike to 48% following Friday's weaker-than-expected jobs report, but the upcoming US Consumer Price Index data could provide further direction for rate expectations. According to Manoj Kumar Jain of Prithvi Finmart, gold has support at $4,355-4,320 per troy ounce and resistance at $4,440-4,500 per troy ounce in today's session.