Gold and Silver Stuck in Range as Traders Await US Job Numbers

Gold and silver are expected to trade in a narrow range this week as investors await economic data from the US, including the non-farm payrolls report, for clues on the Federal Reserve's interest rate outlook. The focus will remain on July employment data from the US, comprising non-farm payrolls and the unemployment rate.

Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, predicts that MCX gold will trade in the Rs 1.40-1.44 lakh per 10 grams range in the near-term, with the directional move hinging on US macroeconomic data and evolving expectations around the Fed's policy path.

Globally, developments surrounding the US-Iran conflict and the stability of crude oil supplies through key shipping routes will remain important drivers of market sentiment. Despite a weak US dollar and a sharp correction in crude oil prices, gold failed to attract significant buying interest, indicating cautious investor sentiment.