Gold prices are trading near multi-week highs on Wednesday as investors weigh competing signals from the US economy and the ongoing Middle East conflict. Spot gold was up 0.3% at $4,377.79 per ounce by 0055 GMT, after climbing to its highest level since June 5 in the previous session. The metal encountered technical resistance around its 100-day moving average near $4,387 and closed lower on Tuesday for only the second time this month.

The domestic market has also seen a strong rally. Gold of 99.9% purity in New Delhi rose Rs 1,200 to Rs 1,57,200 per 10 grams on Tuesday, according to the All India Sarafa Association. The metal has gained Rs 9,800, or 6.65%, over the past six trading sessions. Silver rose Rs 2,000 to Rs 2,42,000 per kg, its highest level in more than two months.

The biggest market trigger on Wednesday will be the US Consumer Price Index data. Investors are looking for signs of whether inflation is easing sufficiently to influence the Federal Reserve’s interest-rate decisions. Traders have cut the probability of a September Fed rate hike to 48% following weaker-than-expected jobs data. Fed officials, however, remain divided, with Chicago Fed President Austan Goolsbee warning that inflation remains a concern.

Oil prices are another key factor. Uncertainty over the US-Iran conflict, the Strait of Hormuz and attacks on shipping have raised concerns about energy supplies. Higher crude prices could add to inflation and keep interest rates elevated for longer, potentially reducing the appeal of gold as a non-yielding asset.

The live blog will track movements in gold and silver prices in India and international markets, key US economic data, Federal Reserve commentary, crude oil trends and geopolitical developments affecting bullion. It will also bring updates on platinum and palladium, along with regulatory developments in India’s bullion market and changes in global precious metals trading.