Gold prices remained firm on Wednesday, supported by a weaker US dollar after softer inflation data reinforced expectations of an interest rate cut by the US Federal Reserve in September.
On the Multi Commodity Exchange (MCX), gold October futures inched up by Rs 1 to Rs 1,00,158 per 10 grams, while silver September futures gained Rs 656 or 0.58% to Rs 1,14,393 per kilogram.
In the international market, spot gold rose 0.2% to $3,351.46 per ounce by 0447 GMT, with US gold futures steady at $3,399.60. Spot silver climbed 0.8% to $38.17 per ounce, platinum eased 0.1% to $1,335.82, and palladium was flat at $1,129.37.
Market Drivers
US Consumer Price Index (CPI) data for July showed a 0.2% rise, matching expectations and slightly easing from the 0.3% increase in June. On a yearly basis, inflation stood at 2.7%, marginally below the expected 2.8%. The weaker data pushed the dollar index below the 98 mark, making bullion more attractive to non-dollar holders.
Manoj Jain, Head of Commodity and Currency Research at Prithvi Finmart, noted that gold and silver prices witnessed high volatility, settling mixed in both domestic and global markets. “We expect gold to trade in the $3,340–3,540 range and silver between $36.80–40.00 this week,” he said, adding that buying silver on dips around Rs 1,13,000–1,12,500 could be favourable with stop-loss at Rs 1,11,400.
Geopolitical and Policy Watch
Markets are also tracking the upcoming meeting between US President Donald Trump and Russian President Vladimir Putin, with no quick resolution to the Ukraine conflict expected. Persistent geopolitical uncertainty, alongside US trade tariff developments, continues to drive safe-haven demand.
Meanwhile, easing tensions between the US and China have seen both nations agree to a 90-day tariff truce, averting additional trade duties for now.
Outlook
Analysts expect gold to remain supported as long as interest rate cut expectations hold firm and geopolitical risks persist. Non-yielding gold typically benefits from lower interest rates, and with markets pricing in a 90% probability of a September cut, bullion’s short-term momentum remains positive.
City-wise Gold Prices (per gram on August 13, 2025):
|
City |
24K |
22K |
|
Mumbai |
Rs 10,135 |
Rs 9,290 |
|
Delhi |
Rs 10,150 |
Rs 9,305 |
|
Chennai |
Rs 10,135 |
Rs 9,290 |
|
Kolkata |
Rs 10,135 |
Rs 9,290 |
|
Bengaluru |
Rs 10,135 |
Rs 9,290
|
Gold Price in Mumbai:
In Mumbai, the price of 24-karat gold stood at Rs -10,135 per gram, while 22-karat gold was priced at Rs 9,290 per gram.
Gold Price in Delhi:
The national capital recorded 24K gold at Rs 10,150 per gram, with 22K gold available at Rs 9,305 per gram.
Gold Price in Chennai:
Gold rates in Chennai were slightly lower, with 24K gold at Rs 10,135 per gram and 22K gold at Rs 9,290 per gram.
Gold Price in Kolkata:
In Kolkata, 24-karat gold was priced at Rs 10,135 per gram, and 22-karat gold was selling at Rs 9,290 per gram.
Gold Price in Bengaluru:
Bengaluru saw 24K gold trading at Rs 10,135 per gram, while 22K gold was available at Rs 9,290 per gram.
Gold Price in Pune:
Pune saw 24K gold trading at Rs 10,135 per gram, while 22K gold was available at 9,290 per gram.
