Gold and Silver Prices Expected to Rise Amid Fed Minutes and Geo-Political Tensions

The outlook for gold and silver remains positive as analysts predict they will move up towards specific price levels next week. According to Pranav Mer, Senior Vice President of EBG - Commodity & Currency Research at JM Financial Services Ltd, 'The outlook for gold and silver remains positive and are expected to move up towards Rs 1.57 lakh per 10 grams and Rs 2.54 lakh per kg level.'

The minutes of the Federal Reserve's FOMC meeting will be closely watched for signals on the US Central bank's monetary policy outlook. Market participants will also track key global economic data, including US housing and trade data, inflation figures from major economies, and China's economic indicators.

Bullion prices found support due to reduced bets on a September rate hike by the US Fed following weaker than expected non-farm payroll data and steady inflation. Safe-haven demand also supported gold amid the West Asia conflict and US-Iran tensions over the Strait of Hormuz, with no resolution in sight.

MCX gold has gained nearly 9.5% in August, making consolidation and profit-booking at higher levels more likely in the near term, according to Jateen Trivedi, VP Research Analyst -- Commodity and Currency at LKP Securities. The US dollar, interest-rate expectations, and geopolitical developments will remain key drivers for bullion prices.