New Delh, Nov. 1 -- Gold and silver prices may extend their decline in the coming week as bearish momentum persists, with investors tracking geopolitical developments, the US midterm election outcome and key economic data for cues on the direction of precious metals, analysts said.
Manufacturing and services PMI data from major economies, eurozone inflation figures, and US unemployment and nonfarm payrolls data later in the week will also be in focus, they added.
On the MCX, gold futures for December delivery fell Rs 3,539, or 2.5 per cent, during the past week to close at Rs 1.38 lakh per 10 grams, while silver futures declined Rs 16,587, or 8.5 per cent, to Rs 1.79 lakh per kg.
"Gold witnessed a sharp correction in the last week to end around Rs 1.38 lakh per 10 grams on the MCX," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.
He added that despite considerable volatility and a brief recovery during the initial sessions, selling pressure intensified towards the end of the week.
The weakness was also visible in overseas markets, where Comex gold futures for December delivery tumbled by $109, or nearly 3 per cent, to close the past week at $3,898.9 per ounce, while silver slumped $4.67, or nearly 9 per cent, to $49.27 per ounce.
Published by HT Digital Content Services with permission from Millennium Post.