‘Gold likely to stay choppy ahead of US jobs data, Fed meet minutes’

New Delhi: Gold prices are expected to remain volatile in the coming week but may find support as markets await key US economic indicators, including the jobs report and the Federal Reserve’s meeting minutes, for cues on future interest rate action, analysts said.

Gold futures for December delivery on the MCX gained Rs 2,494, or 2.06 per cent, over the past week. Globally, Comex gold futures rose $84.4, or 2.10 per cent, during the week, though the metal dropped $100.3, or 2.39 per cent, to close at $4,094.2 per ounce on Friday.

Exchange-traded funds added 114,345 ounces in the last session, taking year-to-date inflows to 14 million ounces. Total ETF holdings have risen 17 per cent to 97.3 million ounces, valued at nearly $480 million.

Silver also saw sharp movement. MCX silver futures for December delivery surged Rs 8,290, or 5.61 per cent, last week. However, the white metal fell Rs 6,452, or 3.97 per cent, to end at Rs 1,56,018 per kg on Friday. Overseas, Comex silver futures gained $2.5, or 5.3 per cent, during the week but declined $2.4, or 4.67 per cent, to settle at $50.68 an ounce on Friday.

Analysts said silver’s momentum remains sideways, with strong resistance near Rs 1,70,500

per kg.