Gold and Silver Prices Expected to Remain Range Bound Amid Global Tensions
Gold, silver may be range bound as war, macro data set tone: Analysts
Business Standard
Image: Business Standard
Precious metal prices are anticipated to experience mixed movements next week due to the ongoing US-Iran conflict and various economic data releases. Analysts expect gold to remain range-bound while silver showed resilience, closing at ₹2.50 lakh per kilogram despite market fluctuations.
- 01Gold futures on the Multi Commodity Exchange (MCX) closed at ₹1.51 lakh per 10 grams, down nearly 1%.
- 02Silver prices increased by ₹879 to settle at ₹2.50 lakh per kilogram.
- 03Investor focus will be on PMI readings and US labor market data for insights on monetary policy.
- 04The Indian rupee's movement will significantly impact domestic gold prices.
- 05State election outcomes may introduce volatility in market sentiment.
Advertisement
In-Article Ad
Precious metal prices are expected to remain mixed next week as analysts monitor the ongoing US-Iran conflict and upcoming global economic data releases. Gold futures on the Multi Commodity Exchange (MCX) fell by ₹1,347, closing at ₹1.51 lakh per 10 grams, while silver gained ₹879, reaching ₹2.50 lakh per kilogram. Analysts, including Pranav Mer from JM Financial Services Ltd, noted that gold's performance is influenced by profit booking in crude oil, easing inflationary concerns. Internationally, gold futures dropped by $96.4, or 2.03%, closing at $4,644.5 per ounce. The shift in investor preference towards risk assets and caution from central banks regarding inflation are affecting bullion demand. Additionally, fluctuations in the Indian rupee may impact domestic gold prices, with any appreciation potentially exerting downward pressure, according to Jateen Trivedi from LKP Securities.
Advertisement
In-Article Ad
Fluctuations in gold and silver prices could affect local buyers, particularly in terms of investment decisions and purchasing power.
Advertisement
In-Article Ad
Reader Poll
What do you expect for gold prices in the coming weeks?
Connecting to poll...
Read the original article
Visit the source for the complete story.