Gold rises Rs 900/10 gm, silver jumps Rs 1,100/kg as investors shrug off global trends; key cues to watch

Gold and silver futures opened higher on Thursday, bucking global cues and buoyed by investor positioning ahead of key U.S. inflation data. On the Multi Commodity Exchange (MCX), December gold futures rose Rs 892 or 0.73% to Rs 1,22,749 per 10 grams.

Silver extended its upward trajectory, with December contracts climbing Rs 1,119 or 0.77% to Rs 1,46,677 per kilogram.

However, in early international trade, gold prices edged lower, pressured by a strengthening U.S. dollar as investors awaited fresh cues on the interest rate outlook ahead of the U.S. Consumer Price Index (CPI) report, expected later this week.

Spot gold dipped 0.3% to $4,082.95 per ounce, while U.S. December gold futures rose 0.8% to $4,097.40 per ounce. The U.S. dollar index gained 0.1%, making gold costlier for holders of other currencies and dampening demand.

Markets have nearly fully priced in a 25-basis-point rate cut by the U.S. Federal Reserve at its next meeting. Lower interest rates typically favor gold, as they reduce the opportunity cost of holding a non-yielding asset.

Despite the recent dip, gold prices have surged around 56% this year, touching a record $4,381.21 per ounce on Monday, driven by geopolitical tensions, expectations of monetary easing, and central bank purchases.Geopolitical developments continue to influence sentiment. U.S. President Donald Trump plans to discuss China’s oil purchases from Russia in an upcoming meeting with Chinese President Xi Jinping, while Russia is reportedly preparing for a potential summit between President Vladimir Putin and Trump.On the ETF front, holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.59% to 1,052.37 metric tons on Wednesday from 1,058.66 tons the previous day.

Gold rates in physical markets

-Delhi: 22-carat gold: Rs 91,792/8 gm | 24-carat gold: Rs 98,736/8 gm
-Mumbai: 22-carat gold: Rs 91,640/8 gm | 24-carat gold: Rs 98,576/8 gm
-Chennai: 22-carat gold: Rs 90,560/8 gm | 24-carat gold: Rs 97,368/8 gm
-Hyderabad: 22-carat gold: Rs 90,616/8 gm | 24-carat gold: Rs 97,376/8 gm