Next week, the impact of global economic indicators, US-Iran tension and the movement of crude oil can be seen on the prices of gold and silver. According to analysts, there may continue to be a situation of volatility and pressure in the market.
Business:After the recent fall in the international market, the impact of many global factors can be seen on the prices of gold and silver in the next week also. Market experts believe that US-Iran tensions, fluctuations in crude oil prices and key economic data will determine investor sentiment and the direction of the bullion market.
Investors will keep an eye on global developments
According to analysts, the manufacturing and services sector PMI, Euro zone inflation data, US non-farm payroll and unemployment data released from the US and other major economies in the coming week can have a significant impact on the market movement.
Apart from this, investors will also keep an eye on the increasing geopolitical tension between America and Iran. If tensions increase further or any new announcement is made, it may impact the demand for gold, which is considered a safe haven.
Movement of crude oil and dollar will also be important
Market experts say that fluctuations in crude oil prices can also affect the prices of gold and silver. Also, the strength or weakness of the US dollar will also remain an important factor for precious metals.
According to analysts, at present both gold and silver are going through a correction phase. However, buying at lower levels may also be seen in the market from time to time, due to which limited recovery in prices is possible.
There was a big fall in both the metals last week
Last week, in the international market, the futures price of gold on Comex fell by about 3.5 percent, while a fall of more than 10 percent was recorded in silver. In the domestic market too, significant weakness was seen in the futures prices of both gold and silver on Multi Commodity Exchange (MCX).
According to market experts, the strengthening US dollar and fall in crude oil prices reduced inflationary concerns, which weakened demand for gold as a safe haven investment.
However, some analysts believe that factors like gold purchases by China’s central bank, geopolitical tensions and global uncertainty may provide some support to prices going forward. In such a situation, there is a possibility of fluctuations in the bullion market next week.
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