Gold prices commenced significantly elevated on the MCX on Tuesday, as investors anticipated US inflation data for new insights regarding the Federal Reserve’s trajectory on interest rates. The recent rally persists in the face of concerns regarding the conflict in the Middle East, while prospects for the reopening of Hormuz appear bleak. In the domestic market, silver futures for September 2026 delivery increased by Rs 5,132, reaching Rs 2,41,999 per kg. Gold futures for October 2026 delivery increased by Rs 2,338, reaching Rs 1,55,437 per 10 grams. In the past three days, the white metal has appreciated by over Rs 16,000, translating to an increase of more than 7%, whereas gold has experienced a rise of Rs 6,600, which corresponds to an increase of over 4%.

Markets are currently anticipating the US consumer price report scheduled for Wednesday, which will be succeeded by producer price data on Thursday. The data may shape anticipations regarding monetary policy, as the disappointing US jobs figures for July led markets to lower their expectations for a Federal Reserve rate increase in the upcoming month. The Fed maintained its interest rates at the July meeting, although three officials expressed dissent in favour of an increase. Lower interest rates generally bolster gold, as the metal itself yields no interest. “If the data continue to indicate a cooling economy without a significant rebound in inflation, markets may further diminish expectations for stricter policy. “That would likely leave the dollar vulnerable and provide another supportive backdrop for gold,” stated Fawad Razaqzada. Geopolitical Tensions also remained in focus.

US President Donald Trump reacted to Iran’s stipulations for a peace agreement by insisting that Tehran provide compensation for individuals who lost their lives in wars, attacks, and protests. The escalation could further complicate efforts to reopen the Strait of Hormuz. Spot gold increased by 1% to $4,432.74 per ounce as of 0217, marking its highest level since June 5. US gold futures experienced an increase of 1.7%, reaching a level of $4,492.60. Among other precious metals, spot silver increased by 0.9% to $66.30 per ounce, platinum advanced by 0.7% to $1,765.26, and palladium ascended by 0.8% to $1,394.00. Manoj Kumar Jain indicated that gold has support levels between $4,355 and $4,320 per troy ounce, while resistance is established at $4,440 to $4,500. For silver, support is observed in the range of $62.40-61.60, while resistance is identified at $65.20-67.00 per troy ounce.

On the MCX, gold exhibits support levels at Rs 1,50,500-1,49,100 and faces resistance at Rs 1,53,650-1,55,000. In contrast, silver shows support at Rs 2,29,200-2,27,000 and encounters resistance at Rs 2,34,400-2,38,000. Jain advises purchasing gold during price declines within the Rs 1,51,000-1,50,000 bracket, setting a stop loss beneath Rs 1,48,800, and aiming for a target between Rs 1,53,000 and Rs 1,54,400. For silver, the recommendation is to purchase in the range of Rs 2,29,000-2,27,000, setting a stop loss beneath Rs 2,24,000 and aiming for a target of Rs 2,34,400-2,38,000.