US Inflation Data Spurs Gold and Silver Price Hikes in India
Gold and silver prices on India's Multi Commodity Exchange rose marginally on Wednesday as investors awaited key US inflation data for clues on the US Federal Reserve's interest-rate path. In the domestic market, MCX silver futures for September 2026 delivery were up Rs 2,053 to Rs 2,46,180 per kg, rebounding from a three-day decline.
Gold futures for October 2026 delivery rose by Rs 320 to Rs 1,63,202 per 10 grams. Previously, silver fell for three days before today's gain, while gold dipped in the previous session.
The US Personal Consumption Expenditures (PCE) price index for July is due later this evening, and markets are watching for any changes in expectations of a rate hike in September. Traders are pricing in a 60.4% chance that the Fed will leave rates unchanged next month, according to the CME FedWatch Tool.
Lower rates tend to support gold because it is a non-yielding asset. Markets are also watching Fed Chairman Kevin Warsh's speech on Friday at the central bank's Jackson Hole symposium.