Gold Prices to Stay Volatile as Market Focus Shifts to Economic Data

Gold is expected to remain volatile and range-bound in the coming week as traders track US dollar movements, bond yields, West Asia conflict developments, and crude oil prices. The focus will shift from monetary policy and geopolitical events to a fresh batch of economic data, including mid-month manufacturing and services Purchasing Managers' Index (PMI) readings from major economies.

On the Multi Commodity Exchange (MCX), gold futures for October delivery rose Rs 1,597, or 1.04 per cent, last week to close at Rs 1.54 lakh per 10 grams. Silver futures gained Rs 6,629, or nearly 3 per cent, to end at Rs 2.41 lakh per kilogram.

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said that MCX gold witnessed a weak opening last week near Rs 1.5 lakh per 10 gram but staged a strong recovery towards Rs 1.54 lakh per 10 gram as buying interest emerged at lower levels.