Gold rate outlook: Prices may trade in tight range in coming week - What will drive the trend?
Gold prices
are expected to trade in a narrow range next week as investors await key global cues, including US economic data, trade negotiations, and policy signals from central banks, analysts said.
Focus will be on Fed Chair Jerome Powell's speech and PMI data from major economies like the US, UK, and Eurozone, while the European Central Bank's interest rate decision will also be closely watched for its impact on gold prices, analysts added.
Analysts told PTI that market participants will also observe the European Central Bank's stance on interest rates to understand potential impacts on bullion values.
According to Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services, the upcoming week's focus will centre on trade discussion outcomes, Federal Reserve officials' statements, US economic data, including property market figures, weekly unemployment claims, and orders for durable goods.
"Gold prices are seen consolidating in a range over the past couple of weeks amid a lack of fresh triggers and recovery in the US Dollar in the given period," Mer told the agency.
He noted that bullion's downward movement appears restricted while attention remains on trade discussions between the US and its trading partners, such as India and China.
As the August 1 deadline approaches, trade discussion uncertainties are expected to boost gold's safe-haven appeal.
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Additionally, domestic festival demand from August to October is anticipated to support prices, according to Mer.
In the previous week, August delivery precious metal futures increased by Rs 200 or 0.2% on the Multi Commodity Exchange.
Prathamesh Mallya, DVP-Research, Non-Agri Commodities and Currencies at Angel One, noted that gold values have increased approximately 2% over ten days in international markets, reaching USD 3,350 per ounce.
"The positive momentum in gold has been driven by the US President's tariff actions on BRICS nations and possible duties on the EU, increasing investor demand for safe-haven assets," he said.
During the previous week, September delivery silver futures achieved a new peak of Rs 1,15,136 per kilogram on the MCX.
Experts said silver is evolving into a strategic metal as supply tightens and demand from electric vehicles, solar panels, and electronics rises, setting the stage for a major rally.
"Silver is maturing from the 'poor man's gold' to a strategic metal for smart investors. With supply deficits in the world deepening and demand from EVs, solar, and electronics increasing, fundamentals are in place for a major rally," Sandip Raichura, CEO of Retail Broking and Distribution & Director, PL Capital - Prabhudas Lilladher told PTI.
"The gold-to-silver ratio of around 90X indicates space for dramatic catch-up. A weakening dollar, persistent inflation, and surging ETF flows are supporting silver's attractiveness," Raichura added.
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