Gold, silver prices await US CPI data today as Fed rate hike bets jump to 99% - The Financial Express

AI desk brief

Gold eased toward $4,120/oz and silver toward $53/oz on Tuesday ahead of US CPI, partially reversing Monday’s gains; India’s MCX was closed. The article cites CME FedWatch showing a 99% probability of a December Fed hike, versus roughly 74% a week earlier. It attributes Monday’s metals rally to dollar weakness and falling oil amid hopes for a US-Iran diplomatic resolution. Softer CPI could support metals if it reduces tightening expectations and weakens the dollar; hotter inflation could pressure them through renewed tightening expectations. Lower oil could temper inflation pressure, but the policy response remains conditional.