Gold and silver outlook: Gold and silver prices are expected to move in a narrow range this week as investors await key economic data, especially the US non-farm payrolls report, for clues on the Federal Reserve’s next interest rate move.According to analysts, the market will also track purchasing managers’ index (PMI) data from the US, the UK, the Eurozone and Japan. July employment data from the US, including non-farm payrolls and the unemployment rate, will be closely watched.Developments related to the US-Iran conflict and the stability of crude oil supplies through key shipping routes will also influence market sentiment.Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, told PTI that MCX gold is expected to remain within a limited range in the near term.“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,” he said.Gold and silver both ended lower last week. On the Multi Commodity Exchange, August gold futures fell Rs 1,595, or 1.1%, to close at Rs 1.41 lakh per 10 grams. September silver futures dropped Rs 4,940, or 2.2%, to settle at Rs 2.17 lakh per kilogram.“Gold remained volatile and ended the week on a weaker note, with MCX Gold declining a little over 1% as prices continued to consolidate within a broad trading range,” Trivedi said.He added that gold failed to attract significant buying despite a weaker US dollar and a sharp fall in crude oil prices, showing that investors remained cautious.In the international market, Comex gold futures for October delivery ended marginally lower at $4,076.6 per ounce. Silver futures for September delivery fell nearly 2% over the week to close at $57.78 per ounce in New York.Trivedi said uncertainty over the Federal Reserve’s interest rate outlook continued to weigh on bullion prices, as policymakers have not given a clear timeline for future policy moves.Apart from the US jobs data, investors will also watch speeches by Federal Reserve officials Lisa D Cook and Thomas Barkin. China’s trade data, including exports, imports, Consumer Price Index and Producer Price Index, will also be in focus for further cues on the global economy and bullion prices.
