New Delhi: Gold and silver prices are expected to retain their upward momentum this week, though profit-booking at higher levels may temper the rally as investors await key US inflation data, analysts said. US Core Personal Consumption Expenditures (PCE) inflation and GDP figures will be the key triggers for bullion.
Developments surrounding West Asia geopolitics, particularly the US-Iran peace deal and reopening of the Strait of Hormuz, will also remain in focus, they added.
On the domestic front, gold futures for October delivery gained Rs 7,932, or 5.13 per cent, to close the week at Rs 1.62 lakh per 10 grams on the MCX.
Silver for September delivery surged Rs 10,673, or 4.52 per cent, to settle at Rs 2.46 lakh per kilogram.
In global markets, Comex gold futures for December delivery rose $243.3, or 5.5 per cent, to close at $4,680.6/ounce. Silver futures for September delivery climbed $4.42, or nearly 7 per cent, to $69.53/ounce in New York.