NEW DELHI, Nov 9: Gold and silver prices are expected to remain in a corrective phase in the coming week amid key macroeconomic developments and ongoing market uncertainties.
Analysts highlighted that investors are closely watching US inflation data, trade tariff rulings, and economic numbers from China, along with statements from Federal Reserve officials, which are likely to influence bullion prices.
Gold futures on MCX for December delivery slipped slightly to Rs 1,21,067 per 10 grams last week, trading in a range of Rs 1,17,000-1,22,000.
Analysts said gold is capped on the upside by a stronger dollar and weak physical demand, while downside is supported by uncertainty over the US economic outlook amid a government shutdown delaying key data.
Internationally, Comex December gold rose 0.33% to USD 4,009.8 per ounce, stabilising near the USD 4,000 mark after sharp swings due to US monetary policy expectations and labour market data. Factors supporting gold include weak US job reports, hopes for interest rate cuts, central bank purchases exceeding 600 tonnes, and ETF inflows, despite recent profit-booking.
Silver mirrored gold’s trend, remaining range-bound on both MCX and Comex. December MCX silver fell 0.38% to Rs 1,47,728 per kilogram, while Comex silver settled at USD 48.14 per ounce.
Prices are supported by safe-haven demand amid US shutdown concerns and Federal Reserve policy uncertainty.
Analysts noted consolidative momentum for silver, with resistance near Rs 1,50,000-1,51,000 per kg and support around Rs 1,38,000-1,39,300 per kg.
Additional factors include Washington’s addition of silver, copper, and uranium to its list of critical minerals, raising trade and tariff uncertainties that could influence global supply chains and price volatility.
Overall, bullion markets are expected to remain volatile, with geopolitical risks, industrial demand, and currency fluctuations shaping short-term trends. (PTI)
