West Asia Tensions and Fed Minutes to Shape Gold and Silver Prices
Market analysts expect gold and silver prices to remain positive next week despite elevated volatility. The West Asia conflict and key global economic data will be closely watched for cues on industrial metals.
The US housing and trade data, inflation figures from the UK, Eurozone, and Japan, as well as China's economic indicators, will provide important signals. The minutes of the Federal Reserve's FOMC meeting will also be scrutinized for clues on the US Central bank's monetary policy outlook.
According to Pranav Mer, Senior Vice President at EBG - Commodity & Currency Research, JM Financial Services Ltd, 'The outlook for gold and silver remains positive and are expected to move up towards Rs 1.57 lakh per 10 grams and Rs 2.54 lakh per kg level.'
In the domestic market, MCX gold futures for October delivery rose Rs 2,686, or nearly 2%, last week to close at Rs 1.54 lakh per 10 grams.