RBI MPC: The Reserve Bank of India in its Monetary Policy Committee on Friday flagged rising gold and silver prices as a material factor shaping its inflation outlook, marking a shift in how the central bank is interpreting recent price pressures. Elevated prices of the two precious metals have prompted a reassessment of inflation dynamics, even as broader price conditions remain largely benign. The RBI noted that core inflation—measured as CPI excluding food and fuel—has stayed contained despite the pick-up in precious metals prices. Excluding gold, core inflation remained stable at 2.6% in December, underscoring that underlying price pressures outside the precious metals segment continue to be muted.