Gold Prices Set for Volatile Week Amid US Dollar Index and Economic Data Focus
Gold prices are expected to remain volatile and range-bound in the coming week as investors track key developments, analysts said. The focus will shift from monetary policy to economic data releases, including mid-month manufacturing and services Purchasing Managers' Index (PMI) readings from major economies.
The US dollar index and bond yields, along with crude oil prices, will also be closely watched for cues on the outlook for bullion demand. Gold futures for October delivery on the Multi Commodity Exchange (MCX) rose Rs 1,597, or 1.04 per cent, last week to close at Rs 1.54 lakh per 10 grams.
Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, noted that MCX gold witnessed a weak opening near Rs 1.5 lakh per 10 gram but staged a strong recovery towards Rs 1.54 lakh per 10 gram as buying interest emerged at lower levels.
With several key events now behind us, attention will gradually shift towards how markets price the next phase of monetary policy and geopolitical risks, Trivedi added.