Gold, Silver Prices Expected to Trade in Narrow Range This Week
Gold and silver prices are expected to trade within a narrow range this week as investors await key economic data, including the US non-farm payrolls report, for clues on the Federal Reserve's next interest rate move.
The market will also track purchasing managers' index (PMI) data from major economies such as the US, UK, Eurozone, and Japan. The stability of crude oil supplies through key shipping routes and developments related to the US-Iran conflict will influence market sentiment.
Jateen Trivedi, VP Research Analyst at LKP Securities, predicts that MCX gold will remain within a limited range in the near term.
According to Trivedi, 'MCX gold to 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.'