Gold Prices May Trade Sideways Ahead of Key Economic Data

Gold and silver prices are expected to trade in a narrow range this week as investors await fresh signals from economic data, including the US non-farm payrolls report. According to Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, the directional move of bullion will hinge on US macroeconomic data and evolving expectations around the Federal Reserve's policy path.

The MCX gold price is likely to trade in the Rs 1.40-1.44 lakh per 10 grams range in the near-term. Trivedi noted that gold remained volatile and ended the week on a weaker note, with MCX Gold declining by over 1% as prices continued to consolidate within a broad trading range.

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. Traders will also monitor purchasing managers' index (PMI) data from major economies, including the US, UK, Eurozone, and Japan.