Gold and Silver Consolidate Ahead of US Data

Gold prices saw some selling pressure, pulling back from recent gains but holding above the $4,100 level. In the physical market, prices in India also registered a decline. Meanwhile, silver prices remained flat, consolidating around the $53 mark as traders adopted a cautious stance.

Market Focus Shifts to US Inflation Report

Financial markets are broadly in a holding pattern as investors await the release of the key US Consumer Price Index (CPI) for October. This inflation report is viewed as a critical data point that will influence the Federal Reserve's future interest rate policy. The upcoming data is the last major inflation reading before the central bank's next meeting, with some economists anticipating a slowdown from the previous month's figures.

Weaker US Dollar and Oil Prices Shape Market Sentiment

The US Dollar was broadly under pressure against its peers, a move partly attributed to lower oil prices. Crude oil futures weakened amid market speculation about a potential deal between the US and Iran. A weaker dollar can be a supportive factor for dollar-denominated commodities.