Gold's next test: Fed verdict, crude oil and geopolitical tensions in focus

Gold and silver prices this week will be driven by the US Federal Reserve's interest rate decision, crude oil price movements, and geopolitical tensions involving Iran.

Brent crude briefly reclaimed the $100-per-barrel mark after Houthi strikes on Saudi-owned vessels heightened supply fears, before profit booking pulled oil prices lower.

In the domestic market, gold futures for August delivery settled 1.6% higher at Rs 1.43 lakh per 10 grams on the Multi Commodity Exchange.

Investors are also monitoring US Consumer Confidence data, Core PCE inflation, weekly jobless claims, and policy announcements from the Bank of England and Bank of Japan.