Gold & Silver Rates Today LIVE: Strong Rally In Precious Metals! MCX Silver Up 3%, Gold Up 1.5% After US CPI

Gold rates and silver rates in India in the evening session witnessed a blockbuster rally with MCX gold price rising by nearly 3% to trade above Rs 2.24 lakh per 1Kg, while MCX gold price surged by over 1.5% to trade around Rs 1.42 lakh per 10 grams. Here is the latest activity of commodities at MCX. This is after US announced its CPI inflation data, which saw its first decline in five months.

Meanwhile, spot gold price surged by 0.4% to trade around $4,016 per ounce after slipping below $4,000 mark overnight. Also, spot silver recovered slightly but continued to trade under pressure around $58 per ounce.

On the other hand, crude oil prices gained by 2% each, with US WTI Crude trading around $80 per barrel and Brent crude surging around $85 per barrel. Oil prices are elevated. Despite mild selloff, US dollar is still elevated to trade near 101.2 against a basket of currencies.

President Donald Trump reinstated a blockade on Iranian vessels transiting the Strait of Hormuz and sought reimbursement from countries benefiting from US efforts to secure the vital shipping lane. The move drove oil prices sharply higher, reviving concerns over inflation and the interest rate outlook. The measures followed renewed hostilities between Washington and Tehran, with the US targeting Iran's ability to disrupt maritime shipping while Tehran retaliated against US allies in the region. Investors also awaited key US inflation data and Federal Reserve Chair Kevin Warsh's testimony before the US Congress later today, with markets closely parsing his remarks for further policy guidance. Markets now price in roughly a 51% chance of a Fed rate hike in September, compared with a 23% probability that the central bank will leave rates unchanged, as per Trading Economics.

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