Gold and silver prices rise on MCX as markets await key economic data

In global markets, Comex gold futures for December delivery ended marginally higher at $4,424.9 per ounce, while silver gained 3% to $67.15 in New York. Gold prices consolidated for the third straight week, with some bargain buying observed at corrective levels in the final trading sessions. Pranav Mer of JM Financial Services Ltd attributed the steadiness to inflows into gold exchange-traded funds across markets, which have remained upbeat over the past seven to eight weeks.

Silver futures tracked industrial metals, recovering from early declines to close the week with strong gains. Mer added that with major central bank events concluded, attention is now shifting to the People's Bank of China, expected to announce its monetary policy on Monday with rates likely to remain unchanged.

Looking ahead, traders are expected to monitor movements in the US dollar and bond yields, developments in the West Asia conflict, and crude oil price trends. A fresh batch of economic data, including mid-month manufacturing and services PMI readings from major economies, will be in focus. Later in the week, US housing data, durable goods orders, and consumer sentiment readings will also be closely watched for cues on monetary policy outlook and bullion demand.

Market participants anticipate that gold and silver will remain volatile and range-bound in the coming week as these factors influence investor sentiment and trading patterns on commodity exchanges.