Gold Prices Hold Steady at 4,424.9 Dollars per Ounce
Global gold futures closed the week at 4,424.9 dollars per ounce, marking the third consecutive period of consolidation. Indian spot prices on the Multi Commodity Exchange rose 1.04 percent to 154,000 rupees per 10 grams.
Comex gold futures for December delivery ended marginally higher at 4,424.9 dollars per ounce. This price point reflects a steady trading range for the third straight week. Silver futures in New York gained three percent to finish at 67.15 dollars per ounce. The stability follows a period of heightened volatility driven by macroeconomic shifts.
Indian Gold Futures Rise 1.04 Percent
On the Multi Commodity Exchange, October delivery gold futures increased by 1,597 rupees. The final settlement price reached 154,000 rupees per 10 grams. Silver futures on the same exchange climbed 6,629 rupees to close at 241,000 rupees per kilogram. Analysts note that buying interest emerged strongly at lower price levels during the week.
Market Focus Shifts To PMI Data
Traders are currently monitoring mid-month manufacturing and services Purchasing Managers' Index readings from major economies. US housing data and durable goods orders are also due for release. These metrics will provide clarity on the monetary policy outlook for the Federal Reserve. According to GN auto markets/commodities: gold prices, these factors are critical for determining near-term demand for bullion.
Central Bank Decisions Influence Demand
The People's Bank of China is expected to announce its monetary policy stance on Monday. Market consensus suggests interest rates will remain unchanged. Investor demand for gold has remained strong over the past eight weeks. Inflows into gold exchange-traded funds continue to support the metal's price structure globally.
