Gold Price Outlook: Find out from experts how gold and silver prices will move this week..
Gold Price Outlook: Gold prices may continue to witness volatility in the week starting Monday, September 21; however, they are likely to remain within a limited range. According to analysts, the market will keep a close watch on movements in the US dollar and bond yields. Additionally, tensions in West Asia and the trajectory of crude oil prices will influence gold prices.
Following a week packed with monetary policy updates and geopolitical developments, investors will now focus on new economic data. Figures for the Manufacturing and Services Purchasing Managers' Index (PMI) from major economies are set to be released.
Towards the end of the week, US data on housing, durable goods orders, and consumer sentiment will also be released. These figures could provide the market with cues regarding monetary policy and the demand for gold.
**Rise in Gold and Silver on MCX**
On the Multi Commodity Exchange (MCX), gold for October delivery rose by ₹1,597 (1.04%) last week, closing at ₹1.54 lakh per 10 grams. Meanwhile, silver prices increased by ₹6,629 (nearly 3%) to reach ₹2.41 lakh per kilogram.
Jatin Trivedi, Vice President and Research Analyst at LKP Securities, noted that gold started the week on a weak note on the MCX, hovering around the ₹1.50 lakh per 10 grams level. However, buying at lower levels led to a strong recovery, pushing the price to ₹1.54 lakh.
He added that the market had experienced significant volatility due to major economic and geopolitical events. With several key developments now in the past, the market's focus will shift to the next phase of monetary policy updates and geopolitical risks.
**Gold Strengthens in International Markets Too**
In international markets, COMEX gold for December delivery closed with a marginal gain at $4,424.9 per ounce. Meanwhile, silver rose by nearly 3% to reach $67.15 per ounce. Pranav Mer, Senior Vice President at JM Financial Services, noted that gold prices traded within a limited range for the third consecutive week. However, buying at lower levels was observed during the dips in the last few trading sessions, allowing gold to end the week with gains.
According to Mer, the upward momentum in the US Dollar Index and US Treasury yields eased slightly. Meanwhile, oil prices also saw fluctuations during the week. He stated that investor interest in gold has remained strong over the past 7–8 weeks, evidenced by continuous inflows into gold exchange-traded funds (ETFs) globally.
**Focus on China's Decision**
Silver prices also tracked the movement of industrial metals. After an initial decline, silver staged a recovery and ended the week with significant gains.
Mer noted that key meetings of major central banks have concluded. Consequently, market attention will now shift to China's central bank, the People's Bank of China (PBOC). The bank is expected to announce its monetary policy on Monday, though the market does not anticipate any changes to interest rates at this time.
Disclaimer: This content has been sourced and edited from Money Control. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
