Gold and Silver Prices Expected to Maintain Rally Next Week Amid Global Cues

Precious metals are projected to sustain their upward momentum next week, driven by upcoming global inflation data and a softer US dollar.

The bullish run in gold and silver prices is widely expected to extend into the coming week, as market participants closely monitor critical macroeconomic indicators from major economies and ongoing diplomatic efforts to de-escalate tensions in West Asia. Analysts point out that investors will keep a sharp eye on inflation readings coming out of the United States, Germany, Japan, and India. Additionally, incoming economic data releases from China will play a pivotal role in dictating the near-term trajectory of both precious metals.

 

Silver Prices Could Touch 2.8 Lakh Rupees in the Near Term
 Pranav Mer, Senior Vice President of Commodity and Currency Research at JM Financial Services, noted that the overall outlook for gold and silver remains fundamentally positive. He projects that in the immediate short term, gold prices could scale up to 1.57 lakh rupees per 10 grams, while silver has the potential to advance toward the 2.80 lakh rupees per kilogram mark, supported by persistent market demand.

 

MCX Recorded Stellar Gains of Up to 7 Percent Last Week
 In the domestic futures market last week, trading on the Multi Commodity Exchange (MCX) witnessed heavy buying activity across the board. Gold contracts for October delivery surged by 8,444 rupees, or roughly 6 percent, to settle at 1.51 lakh rupees per 10 grams. Simultaneously, September silver futures experienced an even steeper rally, climbing 14,268 rupees or approximately 7 percent to close at 2.31 lakh rupees per kilogram, reflecting robust market appetite for silver.

 

Weaker US Dollar Triggers Fresh Buying Support
 Jatin Trivedi, Research Analyst at LPK Securities, explained that gold witnessed a stellar rally this week, advancing by nearly 6 percent. Subdued employment data coming out of the United States revived market expectations regarding potential interest rate cuts by the US Federal Reserve. Furthermore, a declining US dollar provided essential backing to fresh bullion buying, enabling gold to record one of its strongest weekly gains in recent months.

 

Delhi Bullion Market Sees Gold Reach 1.54 Lakh Rupees
 In physical retail markets on Friday, Delhi's bullion market recorded a modest increase of 200 rupees in gold prices. Following this slight upward adjustment, the price of 99.9 percent purity gold reached 1,54,000 rupees per 10 grams. On the other hand, retail silver prices remained completely unchanged, holding steady at 2,34,800 rupees per kilogram. Meanwhile, broader inflationary pressures continue to impact various consumer sectors, mirroring trends seen when FMCG majors contemplate price revisions.

What this means for you
• Across India: Continued rallies in precious metals will make gold and silver jewelry purchases significantly costlier for retail consumers during upcoming festivals and weddings.
• In Delhi: Gold prices have touched 1,54,000 rupees per 10 grams in the local bullion market, requiring buyers to allocate higher budgets for purchases.

Questions & Answers

1. What is the expected price trend for gold and silver next week?
Experts anticipate that gold and silver prices will maintain their upward momentum next week, supported by global inflation data and a weaker US dollar.

2. How much did October gold futures gain on the MCX?
October gold futures on the Multi Commodity Exchange rose by 8,444 rupees, or roughly 6 percent, to close at 1.51 lakh rupees per 10 grams.

3. What is the price of 99.9% pure gold in Delhi's bullion market?
Gold of 99.9 percent purity reached 1,54,000 rupees per 10 grams in the Delhi bullion market on Friday.

4. How high can silver prices go in the near term?
According to JM Financial Services, silver prices could advance toward the 2.80 lakh rupees per kilogram level in the near term.

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