Gold and Silver Prices to Remain Positive Amid Fed Minutes and Economic Data

The outlook for gold and silver remains positive in the coming week, despite elevated volatility. Market participants are tracking key economic data, including US housing and trade figures, inflation rates from the UK, Eurozone, and Japan, as well as China's economic indicators.

Analysts also expect to see signals on the US Central Bank's monetary policy outlook from the Federal Reserve's FOMC meeting minutes. The minutes will be closely watched for any indications of rate hikes or other shifts in monetary policy.

On the domestic front, gold futures for October delivery climbed Rs 2,686, or nearly 2%, last week to close at Rs 1.54 lakh per 10 grams on the Multi Commodity Exchange (MCX). MCX silver for September contract gained Rs 4,458, or 1.9%, to Rs 2.35 lakh per kilogram.

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.