Gold, Silver Set for Further Rally on Economic Data, West Asia Tensions

New Delhi - Analysts expect gold and silver prices to continue their rally next week as investors await key economic data from major economies, particularly inflation numbers from the US, Germany, Japan, and India. Additionally, developments in West Asia will remain a focus, with any unexpected diplomatic or military announcements potentially triggering sharp moves in bullion.

The weaker dollar has also contributed to the rally, encouraging fresh buying in precious metals. According to Pranav Mer, Senior Vice President at EBG - Commodity & Currency Research, JM Financial Services Ltd., gold and silver momentum look positive and are expected to trade with a positive bias, moving up towards Rs 1.57 lakh per 10 grams and Rs 2.80 lakh per kg in the short term.

The past week saw significant gains for both gold and silver futures, with gold climbing Rs 8,444 or nearly 6% to close at Rs 1.51 lakh per 10 grams, while silver surged Rs 14,268 or nearly 7% to settle at Rs 2.31 lakh per kilogram on the Multi Commodity Exchange.