Gold Prices Poised for Further Gains as Inflation Data Looms

Gold and silver prices are expected to remain strong next week as investors await key US inflation data, said analysts. The upcoming Core Personal Consumption Expenditures (PCE) inflation and GDP figures will be crucial in determining the direction of bullion prices.

The developments surrounding West Asia geopolitics, particularly the US-Iran peace deal and reopening of the Strait of Hormuz, will also remain in focus for traders. 'In the coming trading session, we expect bias to remain positive, but some profit-booking cannot be ruled out,' said Pranav Mer, Senior Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd.

On the domestic front, gold futures for October delivery gained Rs 7,932, or 5.13 per cent, to close at Rs 1.62 lakh per 10 grams on the Multi Commodity Exchange (MCX). Silver for September delivery surged Rs 10,673, or 4.52 per cent, to settle at Rs 2.46 lakh per kilogram.