Gold, Silver Prices Poised to Extend Gains on Inflation Data, West Asia Developments
Gold and silver prices are poised for further gains next week, driven by inflation data from major economies, developments in West Asia, and expectations around US Federal Reserve policy.
New Delhi-based analysts predict that gold and silver will trade with a positive bias, potentially reaching Rs 1.57 lakh per 10 grams and Rs 2.80 lakh per kg in the short term, respectively.
On the domestic front, gold futures for October delivery surged nearly 6 percent during the week to close at Rs 1.51 lakh per 10 grams, while silver futures for the September contract jumped over 7 percent to settle at Rs 2.31 lakh per kilogram on the Multi Commodity Exchange.
Pranav Mer of EBG - Commodity & Currency Research at JM Financial Services Ltd noted that gold and silver momentum looks positive, citing a reversal in the US dollar as a key driver of their rally.