Gold Prices Tumble Amid US Jobs Data and Geopolitical Uncertainty
Gold and silver prices have been experiencing volatility due to various market factors. The recent drop in gold prices by over Rs 6,000 has left traders bracing for another bout of uncertainty as US jobs data and geopolitical tensions take center stage.
Investors will be keeping a close eye on manufacturing and services PMI data from major economies, including India's inflation figures, and the US non-farm payroll data due towards the end of the week.
According to Jateen Trivedi, VP Research Analyst at LKP Securities, 'The coming week is likely to remain highly volatile, with market participants attempting to price in the probability of a September Federal Reserve policy change.'
The US-Iran conflict and Strait of Hormuz developments have added another layer of uncertainty to oil prices and inflation expectations.