New Delhi: Gold price is expected to maintain its upward momentum in the coming week, driven by safe-haven demand and expectations of policy easing by the US Federal Reserve, while silver may witness consolidation after a stellar rally, according to analysts.
Investors’ attention will turn to a string of key global macroeconomic data, including inflation figures from major economies, as well as the Personal Consumption Expenditures (PCE) index, GDP growth, PMI readings and jobless claims, which will provide fresh cues on the Fed’s policy outlook, they said.
On the Multi Commodity Exchange (MCX), the yellow metal futures climbed Rs 3,698, or 2.7 per cent, over the past week. It had increased to hit a record of Rs 1,43,590 per 10 grams on Wednesday.
In the international market, gold futures on the Comex gained $94.5, or 2.09 per cent, last week. It had closed at $4,595.4 per ounce on Friday, after hitting a record of $4,650.50 per ounce earlier in the week.
Meanwhile, silver rallied by nearly 14 per cent, or Rs 35,037, during the week, on the MCX. It had surged to hit a record of Rs 2,92,960 per kilogram.
On the global front, the white metal gained $9.2, or 11.6 per cent, to close at $88.53 per ounce, after touching a lifetime high of $93.75 last week.