In the international market, gold futures were trading at $4,186.57 per ounce, up 0.22%. Silver futures, however, were down 0.11% at $59.463 per ounce.
US Inflation Data and Fed Policy in focus
According to Amit Gupta, Senior Research Head at Kedia Advisory, gold recovered from the previous session’s decline as investors awaited US consumer inflation data for clues on the Federal Reserve’s monetary policy.
New York Fed President John Williams indicated that another interest rate hike may be needed this year to bring inflation under control. Meanwhile, Fed Governor Christopher Waller said rising bond yields reflected stronger economic growth rather than increasing inflation expectations.
Gupta’s note cited market expectations of a 23% chance of an October rate hike and an 88% probability of a December increase. These figures represent market-implied probabilities, not confirmed Fed decisions.
Meanwhile, escalating tensions in the Middle East are supporting oil prices and demand for gold as a safe-haven asset.
Gold and Silver: Key Levels to Watch
Technically, international gold could test $4,200 per ounce if it sustains above the $4,150 level. In the domestic market, MCX Gold has a target of ₹1,50,000 per 10 grams, according to Gupta.
For international silver, $58.20 per ounce is a key support level, while the potential target is $61 per ounce. MCX Silver could move towards ₹2,24,000 per kilogram.
Going forward, US inflation data, signals on the Fed’s interest rate path and geopolitical developments are likely to remain key drivers of precious metals. These levels are market outlook estimates, not guaranteed price outcomes.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.