Gold Prices Hinge on US Inflation Data and Geopolitical Tensions
Gold and silver prices are expected to be influenced by US inflation data, crude oil movements, and geopolitical tensions in West Asia this week. Analysts predict that the upcoming US inflation figures will be a key trigger for bullion markets, with considerable speculation surrounding the interest rate outlook.
Pranav Mer, Senior Vice President at EBG - Commodity & Currency Research, JM Financial Services Ltd, stated that 'US inflation numbers would be the key trigger for bullion markets amid considerable speculation over the interest rate outlook.'
Last week, gold futures saw a decline of 2.2% to Rs 1.52 lakh per 10 grams, while silver declined by nearly 2% to Rs 2.37 lakh per kg on the Multi Commodity Exchange.
The People's Bank of China continues to increase its gold reserves, buying 20 tonnes last month, taking its year-to-date buying to 60 tonnes and total reserves to 2,366 tonnes.