Gold, Silver Prices Expected to Shine Next Week Amid Fed Signals
Gold and silver prices are expected to continue their upward trajectory next week, influenced by upcoming US economic data and Federal Reserve announcements. Traders are closely monitoring key triggers such as US Core Personal Consumption Expenditures (PCE) inflation and GDP figures, as well as developments in West Asia geopolitics. The Jackson Hole symposium, featuring Federal Reserve Chair Kevin Warsh's keynote address, will also be closely watched by bullion traders.
The rally in gold and silver prices has been significant, with domestic gold futures for October delivery gaining 5.13 per cent to close at Rs 1.62 lakh per 10 grams on the MCX. International Comex gold futures for December delivery rose by 5.5 per cent, settling at $4,680.6 per ounce.
According to Pranav Mer, Senior Vice President of EBG - Commodity & Currency Research at JM Financial Services Ltd, 'we expect bias to remain positive, but some profit-booking cannot be ruled out' in the coming trading session.