Gold, Silver Rangebound as Traders Await Key Economic Data

Gold and silver are expected to trade in a narrow range this week as market participants await key economic data for clues on the Federal Reserve's interest rate outlook. The US non-farm payrolls report, due out soon, will be closely watched by traders, along with purchasing managers' index (PMI) data from major economies.

Globally, developments surrounding the US-Iran conflict and crude oil supplies through key shipping routes will remain important drivers of market sentiment. Despite a weak US dollar and lower crude prices, gold failed to attract significant buying interest, indicating cautious investor sentiment.

MCX gold is expected to trade in the Rs 1.40-1.44 lakh per 10 grams range, according to Jateen Trivedi, VP Research Analyst at LKP Securities. The directional move will depend on US macroeconomic data and evolving expectations around the Fed's policy path.