New Delhi, Nov 16: Gold prices are likely to remain volatile in the coming week but may find support as focus shifts to key US economic data releases, including jobs report and the Federal Reserve’s meeting minutes for fresh signals on the interest rate decision, analysts said.
Investors will also closely watch Federal Reserve Chair Jerome Powell’s speech on Wednesday. Along with comments from other Fed officials throughout the week which will drive the gold prices, they added.
“The volatility is expected to remain high, but prices may find some support… Focus will be on the US economic data releases, which may give some clues on the health of the American economy & possible some direction on the Fed’s rate outlook,” Pranav Mer, Vice President, EBG – Commodity & Currency Research, JM Financial Services Ltd, said.
On a weekly basis, gold futures for December delivery climbed by Rs 2,494, or 2.06 per cent in the past week, on the Multi Commodity Exchange (MCX).
“The precious metal rallied earlier in the week amid uncertainty over the impact of the 43-day US government shutdown on the economy, delayed data releases and the recent increase in money supply by the US Federal Reserve. (PTI)
