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MCX gold and silver rise more than 1% as US dollar slips
Gold October futures gained 1.32% to ₹1,55,124 per 10 grams, while investors also tracked US CPI and PPI for clues on the Fed’s rate path.
Gold and silver prices rose in early trading on India’s MCX on Tuesday, with both contracts gaining more than 1% as global sentiment improved and the US dollar weakened, according to LiveMint Markets.
MCX gold October futures were up 1.32% at ₹1,55,124 per 10 grams around 9:10 AM, while MCX silver September futures rose 1.07% to ₹2,39,400 per kg over the same period.
The outlet attributed the move in part to the dollar index easing, which makes greenback-priced bullion cheaper for buyers in other currencies, and to safe-haven demand.
Traders also looked ahead to US consumer price inflation due Wednesday and producer price data Thursday to gauge the Federal Reserve’s policy trajectory, with markets pricing a 52.0% probability of a September hike, while geopolitical uncertainty around the Strait of Hormuz continued to weigh on crude near $88 per barrel.
Latest closeGold $4,448.60 ▲2.5%|Silver $65.88 ▲4.0%|WTI crude $82.30 ▲5.3%