Gold futures on COMEX jumped 0.32% to $4,229.80 an ounce, and silver nudged 0.72% to $61.49— a modest lift that mirrors traders’ anticipation of U.S. inflation releases.
The U.S. consumer price index, producer price index and retail sales figures are slated for release this week. Market participants are primed to gauge whether the CPI will stay above the 2.0% target, a result that could keep the Federal Reserve’s policy stance unchanged.
Gold’s sensitivity to the dollar and Treasury yields remains unchanged: a stronger dollar and higher yields typically pull demand, whereas a softer dollar and lower yields tend to support the metal. The recent 10‑year Treasury yield pullback to 4.27% has helped underpin the current upside.
“Gold and silver are likely to stay range‑bound with a mild positive bias, supported by rupee weakness,” said Jateen Trivedi, vice‑president and research analyst at LKP Securities.
In India, a weaker rupee would raise the cost of imported gold and silver, potentially dampening the impact of global price gains. Conversely, a rupee rally could moderate domestic gains even if international prices climb.
With CPI and Fed policy signals on the horizon, traders will watch for any hint that the Fed may raise rates in October. A rate hike could reverse the current upside; a dovish stance would likely keep the metals on their present trajectory.