Gold and Silver Prices Eye Further Gains Amid Geopolitical Tensions

Gold and silver prices are expected to continue their upward momentum next week, according to analysts. The key drivers for bullion prices will remain the US dollar, interest-rate expectations, and geopolitical developments. Pranav Mer, senior vice president of EBG - commodity & currency research at JM Financial Services Ltd, said that the outlook for gold and silver remains positive.

The US Federal Reserve's FOMC meeting minutes will be closely watched for signals on the central bank's monetary policy outlook. Market participants will also keep an eye on economic indicators from various countries, including the UK, Eurozone, Japan, and China. On the domestic front, gold futures for October delivery gained Rs 2,686, or nearly 2 per cent, last week to close at Rs 1.54 lakh per 10 grams on the Multi Commodity Exchange (MCX).

Silver futures for September delivery rose Rs 4,458, or 1.9 per cent, to Rs 2.35 lakh per kilogram. Jateen Trivedi, VP research analyst at LKP Securities, noted that MCX gold has gained nearly 9.5 per cent this month, making consolidation and intermittent profit-booking at higher levels more likely in the near term.