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Gold and silver rise on MCX ahead of US CPI as oil risk stays high
MCX gold October futures were up 0.6% to ₹154,700 per 10 grams and US gold futures climbed nearly 1% as investors looked to CPI for clues on the Fed outlook.
Gold and silver prices rose on India’s MCX on Wednesday, with bullion supported by positive global momentum and spot demand. MCX gold October futures were up 0.6% at ₹154,700 per 10 grams around 9:10 AM, while MCX silver September futures gained 0.9% to ₹237,749 per kg.
US gold futures for December were up almost 1% to $4,474 per troy ounce ahead of US Consumer Price Index data due later in the day. Traders were watching the inflation print for signals on the Federal Reserve’s next moves.
The article also pointed to Middle East tensions as an additional driver for market expectations. Oil benchmark Brent was about 1% higher near $90 per barrel, with reports saying the Strait of Hormuz could remain closed until the US agrees to Iran-related conditions, keeping inflation risk elevated.
Higher oil prices can raise the odds of stronger inflation, which may lead central banks to be more hawkish. The piece noted that while gold is often viewed as an inflation hedge, higher interest rates can pressure it because it does not pay a yield, leaving bullion volatility tied to CPI, the US dollar, and yields.
Latest closeGold $4,430.80 ▲1.6%|Silver $64.92 ▼0.3%|Brent $89.26 ▲1.8%