Gold Volatility Expected to Continue in September
Commodity markets are bracing for another bout of volatility in September as US jobs data and geopolitical tensions take center stage, analysts say.
The last week saw gold prices plummet by over Rs 6,000, with investors waiting to see how major economies perform in terms of manufacturing and services PMI data. Inflation figures from the Eurozone and Germany, as well as US non-farm payroll data due at the end of the week, will also be closely tracked.
Gold futures for October delivery on the Multi Commodity Exchange (MCX) fell by Rs 6,157 or 3.8% to Rs 1.56 lakh per 10 grams, while silver futures for September contract plummeted by Rs 9,893 or 4% to Rs 2.36 lakh per kilogram.
In international markets, Comex gold futures for December delivery declined by $150.7 or 3.2% to settle at $4,680.6 per ounce. Silver futures fell by $2.56 or 3.64% to $67.78 per ounce.