Bullion market: What will guide gold, silver prices this week?

Gold and silver prices are expected to trade within a narrow range this week, as investors await US non-farm payrolls data for Federal Reserve policy direction.

Analysts from LKP Securities expect MCX gold to trade between Rs 1.40-1.44 lakh per 10 grams in the near term.

Last week, August gold futures on MCX fell 1.1% to Rs 1.41 lakh per 10 grams, while September silver futures dropped 2.2% to Rs 2.17 lakh per kilogram.

In international markets, Comex gold futures for October delivery ended at $4,076.6 per ounce, and silver futures fell nearly 2% to $57.78 per ounce.

Market sentiment will also be influenced by PMI data from major economies, the US-Iran conflict, and crude oil supply stability, along with speeches by Federal Reserve officials Lisa D Cook and Thomas Barkin.