Gold and Silver: Gold and silver prices may continue to fall next week also. Experts believe that rising tensions in West Asia, rising crude oil prices and global economic data can keep pressure on gold and silver prices. Investors will also keep an eye on key data such as US weekly unemployment claims and preliminary PMI, as well as monetary policy decisions and key economic indicators in Europe and China. These can provide indications about the direction of global interest rates.
Situation becomes more serious in West Asia
The US military carried out new airstrikes against Iran on Sunday following attacks on US-linked targets, which has further aggravated the already tense situation in West Asia, experts said.
Market’s focus will be on the dispute between America and Iran
“Gold continues to fall ahead of the US Federal Reserve meeting at the end of the month. However, the market’s focus will remain on the dispute between the US and Iran,” said Pranav Mer, Senior Vice President, Commodity and Currency Research at JM Financial Services Ltd.
Gold and silver closed with big fall on MCX
The futures price of gold for August delivery on the Multi Commodity Exchange (MCX) fell by Rs 2,572 last week, or about 2 percent, to Rs 1.40 lakh per 10 grams. At the same time, silver for September delivery fell by Rs 6,261 or 2.8 percent and closed at Rs 2.16 lakh per kg.
Businessmen are giving priority to profit booking
Jatin Trivedi, Vice President (Research Analyst-Commodity and Currency), LKP Securities, said that gold continued to fall due to strong US dollar, higher crude oil prices and the possibility of interest rates remaining high for a long time. He said that with every rise in gold, new selling was seen, which indicates that traders are giving priority to profit booking instead of making new purchases. He said that even a slight improvement in the rupee did not give much strength to gold as the strong dollar continued to dominate.
Heavy fall of 6.4 percent in silver prices on Comex
In the global market last week, Comex gold futures fell by $ 95, or 2.3 percent, to $ 4,018.8 an ounce. At the same time, in New York, silver fell by about $ 4 or 6.4 percent and closed at $ 56.32 an ounce.
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