Bullion Faces Crucial Week Amid Fed Rate Decision, Oil Volatility

The gold and silver markets are bracing for a crucial week ahead of key economic indicators and geopolitical developments.

Analysts predict that the US Federal Reserve's interest rate decision on July 29, volatile oil prices, and escalating West Asia risks will test bullion's direction.

Jateen Trivedi, VP Research Analyst at LKP Securities, said market sentiment will be driven by developments in the US-Iran situation, crude oil price movements, and their impact on inflation expectations.

Globally, Comex gold futures for August delivery rose $52, or 1.3%, to settle at $4,070.8 per ounce, while silver for the September contract advanced $3, or nearly 5%, to $58.90 per ounce in New York.