Domestic and Global Markets See Strong Gold, Silver Gains on Safe‑Haven Demand

Wednesday’s trading session reflected heightened investor appetite for safety as gold and silver prices climbed across both Indian and international exchanges. On the MCX, October gold futures opened at INR 1,54,947, up INR 1,182 from the previous close of INR 1,53,765. The contract peaked at INR 1,54,950 and fell to a low of INR 1,54,323, a 0.77% improvement.

Spot gold was quoted at INR 1,54,660 per 10 grams, gaining INR 895 (0.58%). While still well below the record high of INR 1,80,779 recorded earlier this year, the movement reinforced bullish sentiment. Silver futures for September delivery opened at INR 2,37,973, an increase of INR 2,314 over the prior close of INR 2,35,659. The metal reached INR 2,38,271 per kilogram and bottomed at INR 2,36,500, a rise of 1.10%. Spot silver settled at INR 2,36,900 per kilogram, up INR 1,241 (0.53%).

In the United States, COMEX gold began trading at $4,430 per ounce and later rose to $4,473.50, while silver moved from $64.87 to $65.90, gaining about $0.97 per ounce. Analysts point to the forthcoming US Consumer Price Index (CPI) release as the primary catalyst for the next price wave. A softer inflation reading could alter expectations around the Federal Reserve’s interest‑rate trajectory.

The probability of a September rate hike has slipped to roughly 48% following weaker job data, although divergent views persist among Fed officials. Chicago Fed President Austan Goolsbee warned that inflation remains a concern. Concurrently, oil market volatility driven by US‑Iran tensions, Hormuz Strait uncertainties, and recent attacks on shipping vessels has kept precious‑metal demand elevated.