Gold and Silver Prices Expected to Remain Firm Next Week
Gold and silver prices have seen strong gains in recent times, and analysts expect them to remain firm next week. However, profit-booking at higher levels could limit the rally.
The US inflation data, specifically the Core Personal Consumption Expenditures (PCE) inflation data and GDP figures, will be closely watched for their impact on precious metal prices. The Federal Reserve's signals, particularly from Chair Kevin Warsh's keynote address at the Jackson Hole symposium, will also be a key focus.
According to Pranav Mer, Senior Vice President of EBG - Commodity & Currency Research at JM Financial Services, the overall bias remains positive, but some profit-booking cannot be ruled out. West Asia developments, including the US-Iran peace process and the possible reopening of the Strait of Hormuz, will also be monitored.
Gold futures for October delivery on the Multi Commodity Exchange (MCX) gained ₹7,932, or 5.13%, to close at around ₹1.62 lakh per 10 grams. Silver futures for September delivery jumped ₹10,673, or 4.52%, to settle at around ₹2.46 lakh per kg.
The rally in international markets was also strong, with Comex gold futures for December delivery gaining $243.3, or 5.5%, to finish at $4,680.6 per ounce, and September silver futures jumping $4.42, or nearly 7%, to settle at $69.53 per ounce.