US Inflation Data, Crude Oil Prices to Guide Gold and Silver Market

Market analysts predict that upcoming US inflation figures, crude oil price movements, and geopolitical tensions in West Asia will impact gold and silver prices this week.

The US Federal Reserve's indication of a possible rate hike last Friday contributed to the decline of MCX gold futures for October delivery by Rs 3,514 or 2.2% to Rs 1.52 lakh per 10 grams, while silver fell by nearly 2% to Rs 2.37 lakh per kg.

Jateen Trivedi, VP Research Analyst at LKP Securities, noted that MCX gold witnessed volatile moves this week with the first half seeing continued profit booking following last Friday's correction.

In global markets, Comex gold futures for December delivery slipped $53.3 or nearly 1.2% to end the week at $4,476.6 per ounce, while silver dipped by 1.52% to $66.75 per ounce in New York.