Gold & Silver Prices Set to Shine Amid US Inflation Data & Fed Signals
Gold and silver prices are expected to continue their upward momentum next week, driven by upcoming US inflation data and Federal Reserve signals from Jackson Hole. Analysts predict a rally in bullion, although profit-booking at higher levels may temper the rise. The key triggers for this movement will be the release of US Core Personal Consumption Expenditures (PCE) inflation and GDP figures.
On the domestic front, gold futures for October delivery have gained 5.13% to close at Rs 1.62 lakh per 10 grams on the Multi Commodity Exchange (MCX). Silver for September delivery has surged 4.52% to settle at Rs 2.46 lakh per kilogram.
The rally in gold and silver is also supported by renewed buying interest, softer bond yields, and improving liquidity conditions. The Jackson Hole symposium, scheduled for August 27-29, will be closely watched by bullion traders, with Federal Reserve Chair Kevin Warsh set to deliver his first keynote address at the event.
Pranav Mer, Senior Vice President of EBG - Commodity & Currency Research, JM Financial Services Ltd, stated that 'in the coming trading session, we expect bias to remain positive, but some profit-booking cannot be ruled out.'