US Inflation Data and Fed Signals Fuel Bullion Rally
Gold and silver prices are expected to continue their upward momentum next week, driven by upcoming US inflation data and Federal Reserve signals. Key indicators include the Personal Consumption Expenditures (PCE) inflation and GDP figures, which will be closely watched for their impact on bullion.
The Jackson Hole symposium, scheduled for August 27-29, will also be a significant event for bullion traders, with Federal Reserve Chair Kevin Warsh set to deliver his first keynote address. This could provide valuable insights into the Fed's future monetary policy decisions and influence gold prices.
On the domestic front, gold futures for October delivery gained Rs 7,932, or 5.13 per cent, to close at Rs 1.62 lakh per 10 grams on the Multi Commodity Exchange (MCX). Silver for September delivery surged Rs 10,673, or 4.52 per cent, to settle at Rs 2.46 lakh per kilogram.