Gold Prices Soar Amid Market Turmoil and Economic Uncertainty

Gold prices are anticipated to experience volatility in the upcoming week, driven by developments surrounding the US government funding bill, labor market data, and Federal Reserve commentary, according to analysts.

The release of the Federal Open Market Committee meeting minutes on Thursday will likely further impact market sentiment. The week ahead appears light on data, yet volatility is expected to persist, with an increase in profit-booking and renewed buying being predicted.

The markets eyed Federal Reserve officials' commentary, with particular attention on Fed Chair Jerome Powell's Thursday speech. Recent gains of 3.5-4% in gold prices are attributed to a weaker dollar and concerns over a partial US government shutdown delaying crucial macroeconomic data releases.

(With inputs from agencies.)