Bullion Prices Expected to Continue Rally Next Week

Gold and silver prices surged last week, driven by weaker-than-expected US labour market data and a softer dollar. The rally is expected to extend into next week as investors track inflation data from major economies, the Federal Reserve's expectations, and developments in West Asia.

Gold futures for October delivery rose ₹8,444 (6% ) to close at ₹1.51 lakh per 10 grams on the Multi Commodity Exchange, while silver futures for September delivery jumped ₹14,268 (7% ) to settle at ₹2.31 lakh per kg.

Pranav Mer, Senior Vice-President, EBG, Commodity & Currency Research at JM Financial Services, expects the positive momentum to continue, with gold and silver potentially moving towards ₹1.57 lakh per 10 grams and ₹2.80 lakh per kg, respectively.