Gold prices in India extended their losing streak, falling by Rs 1,500 to Rs 1,60,900 per 10 grams, influenced by hawkish remarks from Federal Reserve Chair Kevin Warsh and rising oil prices, which have increased expectations of an interest rate hike.
US Federal Reserve Chairman Kevin Warsh has picked former RBI governor Raghuram Rajan, Harvard University economics Professor Raj Chetty and Microsoft XBOX CEO Asha Sharma to be part of task forces constituted to examine the central bank's approach to monetary policy and propose transformational changes.
Indian benchmark equity indices, Sensex and Nifty, rebounded in early trade after two days of losses, driven by strong buying in blue-chip IT stocks and a rally in global markets.
Analysts predict that the Indian stock market's sentiment this week will be primarily influenced by the domestic GDP data announcement, crude oil prices, and the crucial US non-farm payrolls report.
Gold and silver prices are expected to continue their upward trend next week, driven by anticipation of key US inflation data and Federal Reserve signals, though profit-booking may occur at higher levels.
Analysts predict that crude oil prices and the ongoing US-Iran conflict will be the primary drivers of stock market movements, with investors also closely watching the Jackson Hole symposium for cues on interest rates.
Indian benchmark equity indices, Sensex and Nifty, experienced declines in early trade due to renewed tensions in West Asia, which led to a rebound in crude oil prices, coupled with weak global market trends and foreign fund outflows.
Indian benchmark indices Sensex and Nifty recovered early losses to trade higher, supported by encouraging developments on the geopolitical front, specifically the US-Iran peace deal, and easing crude oil prices.
The bull-market in gold is not yet over and prices can rise to $6,200 an ounce (oz) by mid-2026, up nearly 25 per cent from current levels, according to UBS.
Silver and gold prices snapped a two-day rebound and declined sharply up to 10 per cent in the futures trade on Thursday amid weak trends in the international markets and a strong US dollar.
Gold prices are likely to trade firm next week as traders await key economic data, including US inflation numbers, for fresh cues on interest rate outlook, while silver may remain volatile amid shifting risk sentiment and speculative activity, analysts said.
The recent correction suggests that while precious metals hedge geopolitical tension and inflation, they are not immune to sharp short-term corrections and profit-booking.
Former UK Prime Minister Rishi Sunak has taken on new academic roles at the University of Oxford and Stanford University, both alma maters of the Conservative Party member of Parliament. Sunak will join Oxford's Blavatnik School of Government as a member of the World Leaders Circle and a Distinguished Fellow, while at Stanford, he will be the William C Edwards Distinguished Visiting Fellow at the Hoover Institution. Sunak expressed his enthusiasm for contributing to both institutions, highlighting their leading research in global challenges, economic policy, and technological advancements. He emphasized the significance of his education at both universities in shaping his life and career. The appointments have been welcomed by both institutions, with leaders praising Sunak's expertise and experience in global affairs and economic policy.
