Gold Prices Range-Bound Ahead of US Job Numbers and Fed Cues
Gold and silver prices are expected to remain range-bound this week as investors await key economic data, including the US non-farm payrolls report. The Federal Reserve's interest rate outlook is a major factor weighing on bullion prices.
The US economy will release its purchasing managers' index (PMI) data for several countries, while July employment numbers from the US will also be closely watched. Traders are expecting the US-Iran conflict and crude oil supplies to continue influencing market sentiment.
Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, predicts that MCX gold will trade between ₹1.40-1.44 lakh per 10 grams in the near-term, pending developments on US macroeconomic data and expectations around the Fed's policy path.
On the domestic front, gold futures for August delivery fell by ₹1,595 (1.1%) last week to settle at ₹1.41 lakh per 10 grams. Silver futures for September declined by ₹4,940 (2.2%) to close at ₹2.17 lakh per kilogram.