Gold may consolidate for 3rd week as traders track US data, tariff hearing

Gold prices are likely to see consolidation for the third straight week as traders focus on key macroeconomic indicators and policy developments, including the US Supreme Court's tariff hearing on November §, analysts said.

- TDG NETWORK

The focus will be on the manufacturing and services PMI data from key regions as well as China's trade and growth numbers.

In the US, private data, including ADP non-farm payroll, consumer sentiment and inflation expectations, will also be closely watched as they will steer the bullion prices in the near-term, they added.

“Also in focus will be the tariff hearing in the US Supreme Court on November 5 and any decision, positive or negative, markets may see a significant reaction,” Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd, said.

“Gold prices closed in negative for the second straight week, but volatility was at its extreme as a series of events such as the hawkish Fed outlook, and a positive outcome from the US economic perspective.