Gold Prices Stuck in Neutral as Investors Await Economic Clues

Gold and silver prices are expected to trade sideways in the coming week as investors wait for fresh economic data, including the US non-farm payrolls report, for clues on the Federal Reserve's interest rate outlook.

The release of purchasing managers' index (PMI) data from major economies such as the US, UK, Eurozone, and Japan will also be closely watched.

Traders are particularly interested in the July employment data from the US, which includes non-farm payrolls and unemployment rate figures.

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

Despite a weak US dollar and sharp correction in crude oil prices, gold failed to attract significant buying interest, indicating cautious investor sentiment.