New Delhi: Gold prices are expected to maintain their upward momentum though some consolidation could set in ahead of the US Federal Reserve’s policy decision on September 17, analysts said.
Traders will focus on the trade inflation data to gauge the impact of tariffs, inflation numbers from major economies including UK and Euro zone, along with monetary policy meetings of Bank of England and Bank of Japan which will provide more guidance for bullion prices, they added.
On the MCX, the most traded gold futures for October delivery climbed Rs 1,616 or 1.5 per cent.
In the international market, Comex gold futures closed at $3,686.40 per ounce, before scaling $3,715.20 on September 9.
Meanwhile, silver mirrored the bullish performance of gold with sharper gains. Comex silver futures rose 1.62 per cent to settle at $42.83 per ounce after touching an intraday high of $43.04. On the MCX, silver futures surged to a lifetime high of Rs 1,29,392 per kilogram.
Analysts said that while the near-term outlook suggests some consolidation, the broader trend for precious metals remains firmly upward, supported by central bank buying, safe-haven demand, and expectations of monetary policy easing.