Bullion Market Braces for Volatility Amid US Jobs Data and Iran Tensions
The Indian bullion market is bracing for another bout of volatility in September as US jobs data and geopolitical tensions take center stage. Investors will focus on manufacturing and services PMI data from major economies, including India. Inflation figures from the Eurozone and Germany, and US non-farm payroll data due towards the end of the week will also be closely tracked.
Gold futures for October delivery on the Multi Commodity Exchange (MCX) tumbled ₹6,157, or 3.8 per cent, last week to ₹1.56 lakh per 10 grams, while silver futures for September contract plunged ₹9,893, or 4 per cent, to ₹2.36 lakh per kilogram.
Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, said that the coming week is likely to remain highly volatile, with market participants attempting to price in the probability of a September Federal Reserve policy change.