Gold, Silver Prices to Remain Volatile Amid US Data Releases

Gold and silver are expected to face another choppy week due to upcoming US data releases and geopolitical tensions. The market will focus on consumer confidence, GDP, PCE inflation readings, Eurozone inflation, manufacturing PMIs, Federal Reserve officials' speeches, and the US non-farm payrolls report.

The US-Iran standoff continues to contribute to uncertainty, with President Donald Trump rejecting Tehran's proposal to reopen the Strait of Hormuz. Commodity markets will be closed on Friday for Mahatma Gandhi Jayanti.

Market analysts warn that volatility is likely to remain elevated as investors closely watch the upcoming US nonfarm payrolls and unemployment data. These numbers will be crucial in determining expectations around the Federal Reserve's October policy decision, says Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities.

Last week, gold futures for October delivery on the Multi Commodity Exchange (MCX) fell Rs 3,500, or nearly 2.3%, to settle at Rs 1.5 lakh per 10 grams. Silver futures declined Rs 6,907, or 3%, to Rs 2.34 per kilogram.