New Delhi: Gold prices are expected to remain volatile in the coming week as traders weigh domestic festive demand and physical market premiums to key macroeconomic data release and political developments in the US, analysts said.
Investors will also closely monitor commentaries by Federal Reserve officials, including Chair Jerome Powell, on Tuesday, which will provide more cues on the trajectory of gold prices in the near term.
Last week, gold prices rallied by Rs 3,251, or 2.75 per cent, hitting a record of Rs 1,23,677 per 10 grams on Thursday. However, the rally appeared to take a temporary breather towards the week’s close on the MCX.
On the international front, Comex gold futures for December delivery closed marginally higher at $4,000.4 per ounce, after hitting $4,081 during midweek trading.
Spot gold also rose by 1.06 per cent to $4,018.30 per ounce before reaching a record $4,059.34 per ounce.
Meanwhile, silver extended its historic rally, though with elevated volatility.
On the MCX, silver prices rose by Rs 722, or 0.49 per cent in the past week, touching an all-time high of Rs 1,53,388 per kilogram on Thursday.
Globally, Comex silver futures for December delivery hit a high of $49.96 per ounce on Friday, while spot silver briefly breached $51 per ounce on Thursday before retreating to close at $50.29 per ounce.