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Informist, Wednesday, Aug. 12, 2026

 

By Somen Bose

 

MUMBAI – Futures contracts of gold and silver on the Multi Commodity Exchange of India rose Wednesday, tracking gains on COMEX as the latest US CPI data eased concern about an interest rate hike by the US Federal Reserve next month. Markets are now pricing in a 61.9% chance that the US central bank will hold interest rates steady, up from 51.9?fore the inflation data was released, according to the CME FedWatch tool. In addition, renewed gold purchases by central banks, particularly China, reinforced demand for the precious metal. Tuesday, the price of gold had risen to its highest level since early June.

 

At 2002 IST, the most active October contract of GOLD on the MCX was up 1% at INR 155,325 per 10 grams. The most active December contract on COMEX was up 1.2% at $4,495.8 per ounce. The most active September SILVER contract on the MCX was up 1.4% at INR 239,029 per kilogram. The same-month silver contract on COMEX was up 2.2% at $66.37 per ounce.

 

US consumer prices increased slightly in July, in line with forecasts. The headline inflation was 3.4% on year, compared to 3.5% in June. On month, consumer prices rose 0.1% in July, compared to a decline of 0.4% in June. The core inflation, excluding volatile food and energy costs, was 2.5% on year, down from 2.6% in June. On month, core inflation was 0.2% in July. A softer CPI reading would ease pressure on the Fed to raise interest rates and push gold prices towards $4,470-$4,500 and silver towards $68-$71, Kaynat Chainwala, assistant vice-president of commodity research at Kotak Securities Ltd., said in a note.

 

Bullion prices were further supported by comments by Pakistan's defence minister that indicated the US and Iran were close to an arrangement to reopen the Strait of Hormuz, reports said. However, conflicting positions from both sides and new attacks on shipping in the Gulf of Oman and in the Bab al-Mandeb strait have kept the outcome of the deal complicated.

 

Outlook for the rest of the session:

--MCX gold seen at INR 153,000–INR 156,500 per 10 grams

--COMEX gold seen at $4,420–$4,540 an ounce

--MCX silver seen at INR 235,000-INR 244,000 per kg

--COMEX silver seen at $63-$70 an ounce

 

End

 

US$1 = INR 95.33

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Shubhayan Bhattacharya

 

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