Bullion Prices to Face Choppy Week Amid US Data Releases
Bullion prices are expected to face another volatile week, analysts warn. The upcoming US data releases and West Asia tensions will test bullion sentiment during a holiday-shortened week.
The market participants will be closely watching the US data calendar, which includes consumer confidence, GDP, PCE inflation readings, and Eurozone inflation. Additionally, manufacturing PMIs and speeches from Federal Reserve officials will provide further cues for bullion sentiment.
On the MCX, gold futures for October delivery fell Rs 3,500 (2.3%) last week to settle at Rs 1.5 lakh per 10 grams. Silver futures declined Rs 6,907 (3%) to Rs 2.34 per kilogram. Globally, Comex gold futures for December delivery dropped $103.7 (2.34%) last week to $4,321.2 per ounce.
The commodity markets will remain closed on Friday for Mahatma Gandhi Jayanti.