Gold and Silver Prices Set for Continued Rally Amid Geopolitical Tensions
Gold and silver prices are expected to continue their upward momentum next week, but analysts warn of potential profit-booking at higher levels. The US Core Personal Consumption Expenditures (PCE) inflation data and GDP figures will be key triggers for bullion. West Asia geopolitics, particularly the US-Iran peace deal and reopening of the Strait of Hormuz, are also in focus.
On the domestic front, gold futures for October delivery gained ₹7,932, or 5.13%, to close at ₹1.62 lakh per 10 grams on the MCX. Silver for September delivery surged ₹10,673, or 4.52%, to settle at ₹2.46 lakh per kilogram.
International markets saw Comex gold futures for December delivery rise $243.3, or 5.5%, to close at $4,680.6 per ounce. Silver futures for September delivery climbed $4.42, or nearly 7%, to $69.53 per ounce in New York.