Fed Decision, Oil Prices, and US-Iran Conflict to Impact Bullion Market
Gold and silver prices have been fluctuating due to various market factors, including the US Federal Reserve's interest rate decision, oil price movements, and the ongoing US-Iran conflict. Analysts believe that these factors will continue to drive market sentiment in the coming week.
Jateen Trivedi, VP Research Analyst at LKP Securities, noted that market sentiment will be influenced by developments in the US-Iran situation, crude oil prices, and their impact on inflation expectations ahead of the Fed's policy decision on July 29.
On the domestic front, gold futures for August delivery rose Rs 2,200, or 1.6 per cent, to close at Rs 1.43 lakh per 10 grams during the last week. Silver futures for September delivery gained Rs 5,735, or 2.7 per cent, to Rs 2.22 lakh per kilogram on the Multi Commodity Exchange.
Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, said that gold and silver are likely to trade in a range as markets continue to monitor developments surrounding Iran.