Gold, Silver Prices Set for Continued Rally Amid US Economic Data

Gold and silver prices are expected to continue their upward trend next week after posting strong gains in the latest trading session. However, some investors may book profits due to the sharp price increase. The US Core Personal Consumption Expenditures (PCE) inflation data and US GDP figures will be key events to watch, as they can affect expectations about interest rates and the Federal Reserve's next steps.

The recent rally in bullion prices was driven by fresh buying, lower bond yields, and better liquidity conditions. Jateen Trivedi, VP Research Analyst at LKP Securities, noted that gold remained firmly positive this week, gaining more than 5% to close near Rs 1.62 lakh per 10 grams on the Multi Commodity Exchange of India (MCX).

Pranav Mer, Senior Vice President at EBG, Commodity & Currency Research, JM Financial Services Ltd, expects the positive trend to continue, but some selling could happen after the recent jump.