Bullion Prices Under Pressure as Dollar and Yields Climb
Gold and silver prices are expected to remain under pressure in the coming week due to several market factors. US data, including consumer confidence, GDP, and PCE inflation readings, as well as Eurozone inflation, will be closely watched by investors.
The Federal Reserve's October policy decision will also have a significant impact on bullion sentiment, with many expecting another rate hike.
Geopolitical tensions, particularly the US-Iran standoff, are also expected to continue affecting commodity markets. On the Multi Commodity Exchange (MCX), gold futures for October delivery fell Rs 3,500 or nearly 2.3% last week to settle at Rs 1.5 lakh per 10 grams.
Comex gold futures for December delivery dropped USD 103.7 or 2.34% to USD 4,321.2 per ounce in New York, while silver fell USD 2.35 or 3.5% to USD 64.80 an ounce.