Gold Rates & Silver Rates Today (12-08-2026) LIVE: MCX Gold Up Rs 500, Silver Price Outperforms With 1% Gains

Gold rates and silver rates in India traded broadly bullish on Wednesday, with MCX gold racing towards Rs 1.55 lakh mark and MCX silver price above Rs 2.37 lakh per 1Kg. This is due to a positive trend in precious metals at global maket with spot gold and spot silver surging by 1% each to trade around $4,495 per ounce and $65 per ounce.

However, the upside is limited to due elevated crude oil prices. Both US WTI crude and Brent crude have risen by 1% each to trade near $84 per barrel and $90 per barrel. Gasoline and natural gas prices are also up by 1% each.

Investors will focus on upcoming US CPI inflation data on Wednesday, which will offer further clues on US Federal Reserve's rates outcome in upcoming policy.

Markets remain divided over whether the Fed will raise rates by 25 basis points in September after keeping them unchanged in July, with rising oil prices reinforcing a hawkish bias. Meanwhile, traders assessed the prospects of a US-Iran deal to reopen the Strait of Hormuz amid shifting signals. Pakistan's defense minister said Washington and Tehran are "close to some sort of arrangement" over the strait, while reports indicated that talks between Iran and Oman have reached an advanced stage. Elsewhere, gold continued to draw support from investment demand and central bank purchases, particularly from China. China's central bank added about 20 tons to its reserves in July after buying around 15 tons in June, marking the largest monthly increase since October 2023, as per Trading Economics. {live-blog}