Gold and Silver Prices Poised for Rise on US Inflation Data and Fed Signals

The market is expected to see gold and silver prices rise next week due to upcoming US inflation data and Federal Reserve signals from the Jackson Hole symposium. Analysts point to key triggers such as US Core Personal Consumption Expenditures (PCE) inflation and GDP figures, which will be closely watched by traders. On the domestic front, gold futures for October delivery gained Rs 7,932, or 5.13 per cent, to close the week at Rs 1.62 lakh per 10 grams on the Multi Commodity Exchange (MCX), while silver for September delivery surged Rs 10,673, or 4.52 per cent, to settle at Rs 2.46 lakh per kilogram.

The rally in gold and silver prices was supported by renewed buying interest in bullion, softer bond yields, and improving liquidity conditions. International markets also saw a rise in prices, with Comex gold futures for December delivery rising USD 243.3, or 5.5 per cent, to close at USD 4,680.6 per ounce.

Analysts predict that the market will remain positive but may see some profit-booking at higher levels. The Jackson Hole symposium, scheduled for August 27-29, will also be closely watched by bullion traders, with Federal Reserve Chair Kevin Warsh set to deliver his first keynote address at the event.