Bullion Prices to Face Another Challenging Week Amid US Data and West Asia Tensions
Bullion prices are expected to experience another turbulent week due to various market factors. Analysts have predicted that US data, West Asia tensions, and their impact on crude oil prices will influence bullion sentiment.
Market participants will focus on the US data calendar, which includes consumer confidence, GDP, PCE inflation readings, and Eurozone inflation. Additionally, manufacturing PMIs, speeches from Federal Reserve officials, and the US non-farm payrolls report will provide further cues for bullion sentiment.
Commodity markets in India will be closed on Friday to observe Mahatma Gandhi Jayanti. On the Multi Commodity Exchange (MCX), gold futures for October delivery fell by Rs 3,500 (2.3%) last week, while silver futures declined by Rs 6,907 (3%). In global markets, Comex gold futures for December delivery dropped $103.7 (2.34%) to $4,321.2 per ounce.