Gold Prices to Stay Volatile Amid US Dollar, West Asia Tensions
Gold prices are expected to remain volatile and range-bound in the coming week as traders monitor developments in the US dollar, West Asia conflict, and crude oil prices. Analysts point out that investors will be closely watching economic data releases from major economies, including mid-month manufacturing and services Purchasing Managers' Index (PMI) readings.
On the Multi Commodity Exchange (MCX), gold futures for October delivery rose Rs 1,597, or 1.04 per cent, last week to close at Rs 1.54 lakh per 10 grams. Silver futures gained Rs 6,629, or nearly 3 per cent, to end at Rs 2.41 lakh per kilogram.
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said that MCX gold witnessed a weak opening last week 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.