Bullion Prices May Extend Rally Next Week Amid Key Economic Data
Gold and silver prices have shown strong gains in recent sessions, driven by renewed buying interest, softer US bond yields, and improving liquidity conditions. Analysts expect this upward momentum to continue next week, although profit-booking at higher levels may moderate the rally.
The US Core Personal Consumption Expenditures (PCE) inflation data and second-quarter GDP figures will be key triggers for bullion prices in the coming week. Investors will also closely monitor developments surrounding the West Asia situation, including US-Iran peace efforts and progress towards reopening the Strait of Hormuz.
Gold futures for October delivery on the Multi Commodity Exchange of India (MCX) gained Rs 7,932, or 5.13 per cent, to close at around Rs 1.62 lakh per 10 grams. Silver futures for September delivery surged Rs 10,673, or 4.52 per cent, to settle at around Rs 2.46 lakh per kilogram.
Comex gold futures for December delivery rose $243.3, or 5.5 per cent, during the week to close at $4,680.6 per ounce. Silver futures for September delivery climbed $4.42, or nearly 7 per cent, to finish at $69.53 per ounce in New York.