Gold may see profit-taking as investors await inflation data, ECB meeting: Analysts

New Delhi: After scaling record highs last week, gold prices may face some short-term profit booking, with the precious metal’s future direction dependent on upcoming global economic indicators like US and domestic inflation data, and the European Central Bank’s (ECB) policy meeting, according to analysts.

Bullion traders will also closely monitor macroeconomic data, including the US Producer Price Index and speech of the ECB President Christine Lagarde, they added.

On the MCX, the October contract of gold surged Rs 1,131 or 1.06 per cent to touch a lifetime high of Rs 1,07,807 per 10 grams before ending marginally lower at Rs 1,07,740 per 10 grams.

Similarly, the December delivery contract jumped Rs 1,127 or 1.04 per cent to mark a new record of Rs 1,08,840 per 10 grams, and finally settled at Rs 1,08,775 per 10 grams on Friday.

In the last week, gold prices have risen nearly Rs 4,000 per 10 grams or 3.81 per cent.

In overseas markets, Comex gold futures for December delivery surged over 1 per cent to settle at $3,653.30 per ounce after scaling a lifetime high of $3,655.50 per ounce.