Gold and Silver Prices Poised for Further Gains Next Week
Gold and silver prices are expected to continue their upward trend next week, driven by inflation data from major economies and developments in West Asia. Analysts at JM Financial Services Ltd predict gold will move up towards Rs 1.57 lakh per 10 grams and silver towards Rs 2.80 lakh per kg.
The US labour market data has revived expectations of a more accommodative monetary policy from the Federal Reserve, making gold more attractive to investors. The weaker dollar also encouraged fresh buying in precious metals.
Gold futures for October delivery climbed Rs 8,444 or nearly 6% during the week, while silver futures for September surged Rs 14,268 or nearly 7%. In international markets, gold futures jumped USD 292.7 or 7% to finish the week at USD 4,399.7 per ounce.
Analysts warn that volatility is expected to remain elevated in the coming week due to various factors including US economic data and ongoing geopolitical uncertainty. Any unexpected diplomatic or military announcement could potentially trigger sharp moves in bullion.