Market Analysis: Gold‑Silver Recovery Tied to US Inflation Data

Monday marked a reversal for India’s gold and silver markets, which had been falling for three straight sessions. The 24‑carat gold price rose by 1,095 rupees to 1,42,254 rupees per 10 grams. The 22‑carat tier moved up to 1,30,305 rupees, and 18‑carat gold reached 1,06,691 rupees per 10 grams.

Silver registered a larger jump, gaining 4,101 rupees to settle at 2,19,575 rupees per kilogram. Futures on the Multi Commodity Exchange (MCX) echoed the spot surge: the August 5, 2026 gold contract increased 0.56 percent to 1,41,690 rupees per 10 grams, while the September 4, 2026 silver contract rose 0.59 percent to 2,19,339 rupees per kilogram.

Across the Atlantic, COMEX data showed gold slipping 0.06 percent to $4,016 per ounce, contrasted with a 1.51 percent rise in silver to $57 per ounce. Analysts point to the June U.S. inflation print, which came in below expectations, as a catalyst for the current bullish sentiment.

Nevertheless, the outlook remains guarded. A possible hike in oil prices may revive inflationary concerns, leading the Federal Reserve to revisit its rate‑hiking stance later in the year, with potential meetings in September or December under consideration.