Gold prices rise Rs 6,600/10g in 3 days; silver jumps Rs 16,200/kg ahead of US inflation data. Big rally brewing?

Gold and silver rallied sharply on the MCX ahead of key US inflation data, with investors positioning for clues on the Federal Reserve’s next rate move. Silver gained over 7% in three days and gold rose more than 4%, reflecting stronger safe-haven demand amid geopolitical tension in the Middle East and uncertainty around the Strait of Hormuz. Gold also benefited from softer US labor data, which has reduced expectations for a near-term Fed rate hike. Spot gold climbed to its highest level since June 5, while analysts highlighted that lower rates and a weaker dollar could provide further support if inflation cools. The article also outlines near-term support and resistance levels and recommends buying dips, signaling continued bullish momentum unless inflation surprises to the upside.