Fed Rate Decision, Oil Price Fluctuations to Drive Gold and Silver Prices

Gold and silver prices will be influenced by several key factors this week, according to analysts. The US Federal Reserve's interest rate decision is expected to have a significant impact on bullion prices.

The Fed's policy decision is set for July 29, with investors closely watching the outcome. Other important data points include US Consumer Confidence and Core Personal Consumption Expenditures (PCE) inflation figures.

Oil price movements and tensions in the Middle East will also play a crucial role in shaping gold and silver prices. Brent crude briefly reached $100 per barrel after Houthi strikes on Saudi-owned vessels, sparking concerns over supply disruptions.

Bullion prices experienced sharp swings during the week, with Comex gold futures for August delivery rising 1.3% to settle at $4,070.8 per ounce and silver for the September contract increasing nearly 5% to $58.90 per ounce in New York.