Gold, Silver to Trade in Narrow Range Amid Economic Data and Iran Conflict

Gold and silver are likely to trade in a narrow range this week as traders await key economic data, including the US non-farm payrolls report, for clues on the Federal Reserve's interest rate outlook.

Investors will monitor PMI data from major economies such as the US, UK, EU, and Japan. The July employment data from the US, comprising non-farm payrolls and unemployment rate, will be closely watched.

The stability of crude oil supplies through key shipping routes, particularly in relation to the US-Iran conflict, remains a significant market driver. On the domestic front, gold futures for August delivery fell by Rs 1,595 or 1.1 per cent last week to close at Rs 1.41 lakh per 10 grams.