MCX Gold Futures Open Higher as Inflation Data Remains Stable

Mumbai, August 17 – As the world watches the unfolding US-Iran standoff, India’s commodity exchange recorded a robust opening for gold futures. October‑delivery contracts on the MCX began trading at INR 1,56,155 per 10 grams, a 1.06% rise from the prior close of INR 1,54,506, and set the session’s high.

Later, gold settled near INR 1,55,120, reflecting a 0.40% increase of INR 614. Despite the upswing, prices continue to lag behind the 2023 record of INR 1,80,779 per 10 grams. Silver also posted gains, with September‑delivery contracts opening at INR 2,37,500 per kilogram, up 0.66% from INR 2,35,924, and peaking at INR 2,38,479, a 1.08% rise.

Analysts point to recent US macro data – weaker non‑farm payroll numbers and unchanged inflation – as factors damping expectations for further Federal Reserve rate hikes, thereby buoying gold. The ongoing geopolitical friction in the Middle East has further amplified the safe‑haven appeal of precious metals.

Overall, the market has seen about a 2% jump in MCX gold futures and a 1.9% rise in silver over the past week, aligning with international trends where gold grew around 1% and silver about 2.5% on COMEX. Traders are keeping a close eye on global economic indicators and the Fed’s upcoming policy statements for further guidance.