Gold Futures Close at 1.54 Lakh Amid Range-Bound Outlook

Gold futures on the Multi Commodity Exchange closed last week at 1.54 lakh per 10 grams. The price rose 1,597 rupees, a 1.04% gain. Silver futures ended the week at 2.41 lakh per kilogram. This represented a 3% increase. Traders expect gold to remain volatile and range-bound in the coming days. Attention will shift to new economic data and geopolitical developments.

Weekly Price Movements and Market Recovery

Gold opened the week weak near 1.5 lakh per 10 grams. Prices then recovered strongly to the 1.54 lakh level. Buying interest emerged at lower price points. This recovery followed a period of heightened volatility. Markets digested major macroeconomic and geopolitical news. Global Comex gold futures for December delivery ended at 4,424.90 USD per ounce. Silver in New York gained 3% to reach 67.15 USD.

Macro Drivers and Upcoming Data

Traders will track the US dollar and bond yields closely. Developments in the West Asia conflict remain a key factor. Crude oil prices will also provide directional cues. Mid-month manufacturing and services PMI readings are scheduled for release. US housing data and durable goods orders are due later in the week. Consumer sentiment readings will conclude the data release schedule. These metrics will inform the outlook for monetary policy.

Monetary Policy and Central Bank Actions

The Federal Reserve implemented a 25-basis-point rate hike. The US dollar index and Treasuries pared some gains. Oil prices reversed mid-week following the decision. Investor demand for gold has remained strong over the past eight weeks. Inflows into gold exchange-traded funds have continued. The People's Bank of China is expected to announce its policy on Monday. Rates are likely to remain unchanged. Markets will assess how they price the next phase of policy risks.