Gold and Silver Prices Rise Ahead of US Inflation Data
Silver gains Rs 3,100/kg, gold at Rs 1.54 lakh/10g ahead of US inflation data, fading peace talk hopes. What should you do?
The Economic TimesImage: The Economic Times
Gold prices increased to ₹1.54 lakh per 10 grams and silver to ₹2,81,443 per kg on the Multi Commodity Exchange (MCX) amid cautious investor sentiment ahead of U.S. inflation data. Rising crude oil prices and geopolitical tensions contributed to inflation concerns, influencing market volatility.
- 01Gold prices reached ₹1.54 lakh per 10 grams on MCX.
- 02Silver prices increased by ₹3,132 to ₹2,81,443 per kg.
- 03Market volatility is expected due to U.S. inflation data and crude oil price fluctuations.
- 04Support and resistance levels for gold and silver have been identified by analysts.
- 05Physical gold prices vary across major Indian cities.
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On Tuesday, gold prices on the Multi Commodity Exchange (MCX) rose to ₹1.54 lakh per 10 grams, while silver prices jumped ₹3,132 to ₹2,81,443 per kg. This increase comes as investors remain cautious ahead of key U.S. inflation data, with rising crude oil prices exacerbating inflation concerns. U.S. President Donald Trump indicated that the ceasefire negotiations with Iran are faltering, which has also impacted market sentiment. In the international market, spot gold was steady at $4,732.89 per ounce, while silver remained at $86.08 per ounce. Analysts predict volatility in gold and silver prices this week, influenced by fluctuations in the dollar index and crude oil prices. Manoj Kumar Jain of Prithvi Finmart provided trading recommendations, suggesting buying gold around ₹1,53,000-1,52,200 with a stop loss below ₹1,51,500. Physical gold prices in major Indian cities also reflect the current market trends, with 22-carat gold priced at approximately ₹1,11,672 per 8 grams in Delhi.
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The rise in gold and silver prices may affect consumers and investors, particularly those looking to purchase or invest in precious metals.
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