Precious metals experienced a steep downturn this week on the Multi Commodity Exchange, tracking global declines on Comex where gold settled at $3,886.3 per ounce. Analysts anticipate ongoing volatility ahead, as upcoming US employment figures and Federal Open Market Committee minutes will dictate short-term momentum. In India, softening demand for coins and bars alongside sidelined ETF investors is being partly offset by steady central bank acquisitions. Rising tensions between Washington and Tehran also threaten to disrupt crude markets and worsen broader inflation pressures.
Key points
Anticipation of a December interest rate hike and hawkish Federal Reserve signals are hea…: Anticipation of a December interest rate hike and hawkish Federal Reserve signals are heavily weighing on bullion prices.
Domestic wedding season demand and ongoing central bank reserve purchases are expected to…: Domestic wedding season demand and ongoing central bank reserve purchases are expected to provide downside support in India.
Geopolitical escalation in West Asia poses a risk of driving up crude oil prices and trig…: Geopolitical escalation in West Asia poses a risk of driving up crude oil prices and triggering tighter global monetary policy.
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Gold price outlook: Gold and silver could face a volatile trading week as investors weigh inflation figures from key economies, signals from the US Federal Reserve and the latest developments in West Asia, analysts said.
Gold and silver both recorded sharp losses on the Multi Commodity Exchange (MCX) over the past week. December-delivery gold futures fell by Rs 5,847, or 4.10%, to close at Rs 1.36 lakh per 10 grams.
Silver futures declined by Rs 8,791, or nearly 5%, during the week, ending at Rs 1.76 lakh per kg.
Gold, silver price outlook for next week
Market participants will watch inflation data from India, the US, the UK, the Eurozone and Japan. The minutes of the Federal Open Market Committee meeting, remarks by Federal Reserve officials and US employment figures will also be closely monitored.
China’s industrial production data will be another area of focus, as the numbers could influence industrial metals, particularly silver, analysts said.
Developments in West Asia are also likely to shape the outlook. A further escalation in tensions between Washington and Tehran could drive crude oil…
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