Gold and Silver Prices Stuck in Trading Range Ahead of US Job Numbers
Traders are expecting gold and silver to remain in a narrow trading range this week as they await key economic data, including the US non-farm payrolls report.
The Federal Reserve's interest rate outlook will also be closely watched by investors, who are looking for fresh clues on the central bank's policy path. According to Jateen Trivedi, VP Research Analyst at LKP Securities, MCX gold is likely to trade in a range of Rs 1.40-1.44 lakh per 10 grams.
Trivedi noted that the US dollar has been weak and crude oil prices have corrected sharply, but gold failed to attract significant buying interest due to cautious investor sentiment.
The uncertainty over the Federal Reserve's interest rate outlook remains a key factor weighing on bullion prices, Trivedi added. He also pointed out that market participants will be tracking speeches by Fed officials Lisa D Cook and Thomas Barkin, as well as China's trade data, for additional cues on the global economic outlook and bullion prices.