Bullion Rally Set to Continue Despite Profit-Booking Concerns
Gold and silver prices are expected to maintain their upward momentum next week, although profit-booking at elevated levels could limit gains, according to analysts. The upcoming US Core Personal Consumption Expenditures (PCE) inflation and GDP data will be key drivers for bullion prices.
Developments in West Asia, particularly the US-Iran peace deal and the reopening of the Strait of Hormuz, will also remain important factors to watch, analysts said.
In India, gold futures rose 5.13% to Rs 1.62 lakh per 10 grams on the Multi Commodity Exchange (MCX), while silver futures jumped 4.52% to Rs 2.46 lakh per kilogram, PTI reported quoting Pranav Mer, Senior Vice President of EBG - Commodity & Currency Research at JM Financial Services Ltd.
Mer said that in the coming trading session, 'bias is expected to remain positive, but some profit-booking cannot be ruled out.'