‘Gold, silver may extend rally with US Jobs data, festive demand in focus’

New Delhi: Gold and silver prices are expected to maintain their upward trajectory this week, but may see late profit-booking amid the release of a series of crucial global economic indicators, analysts said.

On the economic front, traders will closely monitor the manufacturing/ services PMI data from across regions and the US non-farm payrolls/ employment data along with consumer confidence for the month of September and speeches from several Federal Reserve officials, they added.

On the Multi Commodity Exchange (MCX), gold futures for December delivery soared by Rs 4,188 or 3.77 per cent during the week to close at Rs 1,14,891 per 10 grams on Friday. The contract touched an all-time high of Rs 1,15,139 per 10 grams on Tuesday.

Gold has now posted twelve straight weekly gains since June 27, when MCX prices stood at Rs 95,587 per 10 grams.

In global trade, gold futures gained $103.2 or 2.78 per cent, ending at $3,809 per ounce after hitting a record $3,824.60 per ounce during the week.

Silver, meanwhile, outshone gold with a sharp surge. On the MCX, silver futures for December delivery gained Rs 12,051 or 9.28 per cent last week to close at Rs 1,41,889 per kilogram after hitting a record high of Rs 1,42,189 per kg.

Silver climbed 8.61 per cent during the week to settle at $46.65 per ounce.

Analysts said market attention this week will be on global manufacturing and services PMI data, US employment numbers, and consumer confidence, which may provide fresh cues for bullion

direction.