Gold and silver prices are expected to maintain their upward trajectory this week, but may see late profit-booking amid the release of a series of crucial global economic indicators, analysts said.

On the economic front, traders will closely monitor the manufacturing/ services PMI data from across regions and the US non-farm payrolls/ employment data along with consumer confidence for the month of September and speeches from several Federal Reserve officials, they added.

“We expect the current positive momentum in both bullions to continue, however, some profit-booking cannot be ruled out towards the end of the week. Gold prices continued their positive momentum and closed the week higher by more than 3% as better-than-expected economic numbers released from the US has slightly pushed back expectations of an interest rate cut,” said Pranav Mer of JM Financial Services.

On the Multi Commodity Exchange (MCX), gold futures for December delivery soared by Rs 4,188 or 3.77% during the week to close at Rs 1,14,891 per 10 grams on Friday. The contract touched an all-time high of Rs 1,15,139 per 10 grams on Tuesday.

Gold has now posted twelve consecutive weekly gains since June 27, when MCX prices stood at Rs 95,587 per 10 grams.

“The rally is being driven by a potent mix of US macroeconomic signals, global reserve realignments, and domestic festive demand,” said Pankaj Singh of SmartWealth.ai.

Singh pointed out that US inflation data matched forecasts, while income and spending figures confirmed the resilience of the American economy. "Market participants remain convinced that the Federal Reserve is on track for two rate cuts by year-end, with October easing odds remaining very high.