Silver Soars Over 7%, Gold Rises 4% Amid US Inflation Data Uncertainty
Gold and silver prices surged on the Multi Commodity Exchange (MCX) on Tuesday as investors awaited US inflation data for fresh signals on the Federal Reserve's interest-rate path.
The latest rally comes despite Middle East war worries, but hopes of reopening the Strait of Hormuz remain dim. In the domestic market, MCX silver futures for September 2026 delivery rose Rs 5,132 to Rs 2,41,999 per kilogram, while gold futures for October 2026 delivery increased by Rs 2,338 to Rs 1,55,437 per 10 grams.
Over the last three days, silver has gained over Rs 16,000 or more than 7%, and gold has risen by Rs 6,600 or more than 4%. Markets are now focused on the US consumer price report due on Wednesday, followed by producer price data on Thursday. The data could influence expectations for monetary policy after weak US jobs data for July led markets to reduce bets of a Federal Reserve rate hike next month.
Fawad Razaqzada, a market analyst at Forex.com, stated that 'if the data continue to point towards a cooling economy without a meaningful resurgence in inflation, markets could further reduce expectations for tighter policy. That would likely leave the dollar vulnerable and provide another supportive backdrop for gold.'