Global Bullion Prices Sensitive to US Inflation, Crude Oil, and Geopolitics

Global gold and silver prices will be influenced by various economic indicators this week. Analysts predict that upcoming US inflation figures, crude oil price movements, and geopolitical tensions in West Asia will impact bullion prices. The global interest rate outlook is also a significant factor to consider.

The release of consumer price data from Germany and China, GDP figures from the Eurozone, Japan, and the UK, as well as China's trade data, will be closely watched by investors. Last week, gold futures for October delivery on the MCX fell Rs 3,514 (2.2%) to Rs 1.52 lakh per 10 grams.

Comex gold futures for December delivery slipped $53.3 (1.2%) to end the week at $4,476.6 per ounce in New York. Jateen Trivedi, VP Research Analyst - Commodity & Currency, LKP Securities, noted that MCX gold witnessed volatile moves this week.

Trivedi stated, “MCX gold witnessed volatile moves this week, with the first half seeing continued profit booking following last Friday’s correction after the Fed indicated the possibility of a rate hike.”