Bullion Prices Set to Shine Amid US Inflation Data and Geopolitical Developments
Gold and silver prices are expected to maintain their upward momentum next week due to key US inflation data, analysts said.
The upcoming release of US Core Personal Consumption Expenditures (PCE) inflation and GDP figures will be closely watched by bullion traders, with the potential to boost gold and silver prices further.
Additionally, developments surrounding West Asia geopolitics, particularly the US-Iran peace deal and the reopening of the Strait of Hormuz, will remain in focus for investors.
According to Pranav Mer, Senior Vice President at EBG - Commodity & Currency Research, JM Financial Services Ltd, 'In the coming trading session, we expect bias to remain positive, but some profit-booking cannot be ruled out.'
Globally, gold futures for December delivery rose USD 243.3, or 5.5%, to close at USD 4,680.6 per ounce on Comex, while silver futures for September delivery climbed USD 4.42, or nearly 7%, to USD 69.53 per ounce in New York.