Gold, Silver Prices Range-Bound as Traders Await US Jobs Data

Gold and silver prices are expected to trade in a narrow range this week as traders await key economic data from the US. The focus will be on the US non-farm payrolls report, which is seen as crucial for understanding the Federal Reserve's interest rate outlook.

The US jobs numbers, including the unemployment rate and PMI data from major economies such as the US, UK, Eurozone, and Japan, will also be closely watched. Additionally, developments surrounding the US-Iran conflict and crude oil supplies through key shipping routes will continue to influence market sentiment.

Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, predicts that MCX gold prices will trade in the Rs 1.40-1.44 lakh per 10 grams range in the near-term. This directional move is expected to be driven by US macroeconomic data and evolving expectations around the Fed's policy path.

Gold futures for August delivery on the Multi Commodity Exchange fell by Rs 1,595 or 1.1% last week, closing at Rs 1.41 lakh per 10 grams. Silver futures for the September contract declined by Rs 4,940 or 2.2% to settle at Rs 2.17 lakh per kilogram.