Gold and Silver Prices Tied to US Inflation, Crude Oil, and Geopolitics
The upcoming US inflation data, crude oil price movements, and geopolitical tensions in West Asia will drive gold and silver prices this week. Analysts warn that investors should also keep an eye on consumer price data from Germany and China, GDP figures from the Eurozone, Japan, and the UK, as well as China's trade data.
Last week, gold futures for October delivery fell by 2.2% to Rs 1.52 lakh per 10 grams on the MCX, while silver declined by nearly 2% to Rs 2.37 lakh per kg. According to Jateen Trivedi, VP Research Analyst at LKP Securities, the first half of the week saw continued profit booking following last Friday's correction after the Fed indicated a possible rate hike.
Global markets also reflected this trend, with Comex gold futures for December delivery slipping by 1.2% to end the week at $4,476.6 per ounce, and silver dipping by 1.52% to $66.75 per ounce in New York.