Now Reading: Gold, silver to stay positive on West Asia, Fed cues
-
01
Gold, silver to stay positive on West Asia, Fed cues
Gold and silver prices are expected to stay positive next week despite high volatility, driven by West Asia developments and global economic data, analysts said. The Federal Reserve's FOMC meeting minutes will…
Gold and silver prices are expected to stay positive next week despite high volatility, driven by West Asia developments and global economic data, analysts said. The Federal Reserve's FOMC meeting minutes will be watched for policy signals. Pranav Mer of JM Financial Services sees gold rising to Rs 1.57 lakh per 10 grams and silver to Rs 2.54 lakh per kg.
On the Multi Commodity Exchange, gold futures for October rose 2% last week to Rs 1.54 lakh per 10 grams, while silver for September gained 1.9% to Rs 2.35 lakh per kg. Comex gold rose 1% to $4,437.3 per ounce, and silver gained 2.5% to $65.11 an ounce. Jateen Trivedi of LKP Securities noted gold has risen 9.5% in August, making consolidation and profit-booking likely.
Safe-haven demand supported gold due to the West Asia conflict and US-Iran tensions, with no resolution in sight. The US dollar, interest-rate expectations and geopolitical developments will remain key drivers, Trivedi said.
Source: thehindubusinessline.com
This story was synthesised by AI from the source linked above.
