Gold and Silver Prices Expected to Rise Amid Fed Minutes and West Asia Tensions

Market analysts predict that gold and silver prices will remain positive next week, driven by upcoming economic data releases and geopolitical developments in West Asia.

The minutes of the Federal Reserve's FOMC meeting will also be closely watched for clues on monetary policy decisions. According to Pranav Mer, Senior Vice President at EBG - Commodity & Currency Research, JM Financial Services Ltd, gold and silver prices are expected to move up towards Rs 1.57 lakh per 10 grams and Rs 2.54 lakh per kg level.

Last week, MCX gold futures for October delivery climbed Rs 2,686, or nearly 2 per cent, to close at Rs 1.54 lakh per 10 grams on the Multi Commodity Exchange (MCX), while MCX silver for September contract gained Rs 4,458, or 1.9 per cent, to Rs 2.35 lakh per kilogram.

Jateen Trivedi, VP Research Analyst at LKP Securities, notes that gold traded higher this week, gaining 1 per cent, but the rally extended more than 2 per cent at its peak before profit-booking emerged at higher levels.