New Delhi: Gold prices are likely to witness a phase of consolidation in the coming week as traders weigh a mix of global economic indicators, cues from central banks and shifting geopolitical dynamics, analysts said.
Traders will monitor US housing numbers, consumer price data from the UK and Eurozone, and provisional PMI releases from key economies.
Also, investors will closely track European Central Bank’s President Christine Lagarde speech as well as commentary by Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium, which will provide further insights for the broader trajectory of the bullion prices, they added.
Meanwhile, US-Russia talks to end war in Ukraine had some progress but ended without any conclusion.
Last week, the most traded gold futures for October contract declined by Rs 1,648 per 10 grams or nearly 2 per cent on the Multi Commodity Exchange (MCX).
On Saturday, Comex gold futures for December contracts ended lower at USD 3,382.60 per ounce in New York.