Gold Prices Predicted to Remain Range-Bound Amid US Economic Data Jitters
Gold and silver prices are expected to remain within a limited range this week as traders await various economic data, including the US non-farm payrolls report for fresh cues regarding the Federal Reserve's interest rate outlook. According to Jateen Trivedi, VP Research Analyst at LKP Securities, MCX gold is likely to trade in the Rs 1.40-1.44 lakh per 10 grams range in the near-term.
The US non-farm payrolls report and Purchasing Managers' Index (PMI) data from various countries will be closely watched by investors, who are also paying attention to developments surrounding the US-Iran conflict and crude oil supplies through key shipping routes. Trivedi noted that gold remained volatile last week and ended on a weaker note, despite a weak US dollar and sharp correction in crude oil prices.
Market participants will track speeches by Federal Reserve officials Lisa D Cook and Thomas Barkin for additional cues on the global economic outlook and bullion prices. China's trade data, including exports, imports, Consumer Price Index, and Producer Price Index, will also be closely watched.