1 month ago
Gold, Silver Face Tough Week Amid Oil Surge and US-Iran Tensions
Gold and silver prices are expected to stay low next week.
This is because of the ongoing conflict between the US and Iran, high oil prices, and important economic reports coming out.
Investors are also waiting for the US Federal Reserve's meeting at the end of the month.
Last week, gold and silver prices dropped because of a strong US dollar and higher interest rates.
The prices of oil went up a lot, which also made things worse for these metals.
Some experts think that if the US and China have more problems, people might start buying more gold and silver again.
They are also watching economic reports from Europe and China to see what will happen next.
Gold and silver prices are expected to remain under pressure next week due to the US-Iran conflict, high oil prices, and key economic data releases.
Investors are awaiting the Federal Reserve's meeting towards the end of the month for cues on global interest rates.
Gold futures on MCX declined nearly 2% to ₹1.4 lakh per 10 grams, while silver futures slumped 2.8% to ₹2.16 lakh per kilogram.
Global markets saw Comex gold futures drop 2.3% to $4,018.8 per ounce, and silver plunged 6.4% to $56.32 per ounce.
Experts suggest that any fresh friction between the US and China could revive demand for bullion, while monitoring Eurozone and UK PMI data for direction.
- Who
- Investors, traders, and analysts
- What
- Gold and silver prices facing downward pressure
- Where
- Global markets, including MCX and Comex
- When
- Next week and ongoing
- Why
- Escalating US-Iran conflict, firm crude oil prices, and key macroeconomic data releases
Key facts
- Gold Futures (MCX, August Delivery)
- ₹1.4 lakh per 10 grams
- Silver Futures (MCX, September Contract)
- ₹2.16 lakh per kilogram
- Comex Gold Futures (New York)
- $4,018.8 per ounce
- Comex Silver Futures (New York)
- $56.32 per ounce
- Crude Oil Price Surge
- More than 14%
- US Weekly Jobless Claims
- Key economic indicator to watch
- Federal Reserve Meeting
- Expected towards month-end
- Eurozone and UK PMI Data
- Key economic indicators to monitor
Quotes
Jateen Trivedi
VP Research Analyst - Commodity and Currency, LKP Securities.
“Momentum in gold remains corrective as investors look ahead to the Federal Reserve's meeting towards month-end. However, focus will remain on developments between the US and Iran.”
thehindubusinessline.com
“Gold extended its corrective phase last week as a stronger US dollar, firm crude oil prices, and expectations of prolonged higher interest rates continued to weigh on bullion.”
thehindubusinessline.com
Sources
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