Bullion braces for swings as US jobs data, Iran tensions take centrestage
After a bruising week that wiped out more than Rs 6,000 from gold prices, commodity markets are heading into September with traders bracing for another bout of volatility as US jobs data and geopolitical tensions take centrestage, analysts said.
Investors will focus on manufacturing and services PMI data from major economies, including India.
Inflation figures from Eurozone and Germany, and US non-farm payroll data due towards the end of the week will also be closely tracked, they added.
"The coming week is likely to remain highly volatile, with market participants attempting to price in the probability of a September Federal Reserve policy change," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.
Gold futures for October delivery on the Multi Commodity Exchange (MCX) tumbled Rs 6,157, or 3.8 per cent, last week to Rs 1.56 lakh per 10 grams, while silver futures for September contract plunged Rs 9,893, or 4 per cent, to Rs 2.36 lakh per ...
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