Gold and silver likely to trade sideways as US jobs data looms

Bullion markets are projected to remain constrained this week as investors focus on key US economic releases, notably the July non-farm payrolls and unemployment rate. Analysts will also monitor PMI data from the US, UK, Eurozone and Japan, as well as speeches by Fed officials Lisa D Cook and Thomas Barkin, to gauge the central bank’s next rate decision. Jateen Trivedi, a research analyst at LKP Securities, forecasts MCX gold to trade in a narrow Rs 1.40-1.44 lakh per 10 gram window, with silver similarly limited.

Both metals ended the prior week lower, with August gold futures down 1.1% and September silver futures down 2.2% on the Multi Commodity Exchange, while US-based Comex contracts also posted modest losses. The lack of strong buying despite a weaker dollar and a sharp drop in crude oil highlights investor caution amid ongoing US-Iran tensions and concerns over oil supply routes. Chinese trade statistics, including CPI and PPI, are also on investors’ radar for additional clues on global demand.