Gold may consolidate for 3rd week as traders track US data, tariff hearing

New Delhi: Gold prices may see consolidation for the third straight week as traders focus on key macroeconomic indicators and policy developments, including the US Supreme Court’s tariff hearing on November 5, analysts said.

In the US, private data, including ADP non-farm payroll, consumer sentiment and inflation expectations, will also be closely watched as they will steer the bullion prices in the near-term, they added.

On the MCX, gold futures for December delivery dropped by Rs 2,219, or 1.8 per cent, during the past week to settle at Rs 1,21,232 per 10 grams on Friday. In the global markets, Comex gold futures for December delivery fell by $141.3, or 3.41 per cent, during the week to settle at $3,996.5 per ounce on Friday.

On the MCX, silver futures for December delivery snapped a nearly two-week losing streak, by rising Rs 817, or 0.55 per cent to Rs 1,48,287 per kilogram on Friday. Comex silver futures fell 0.87 per cent over past week and marginally lower at $48.16 per ounce in the overseas trade on Friday.