Gold, Silver Outlook: Precious metals likely to remain range-bound amid US-Iran peace talks, macroeconomic cues & more related News Here

Market participants are expected to keep an eye on GDP data from the Eurozone and the UK later this week, as well as inflation data from China, Germany and the United States.“Momentum in gold prices looks strong, while the movement of silver in the coming week looks positive as traders will again focus on the progress of peace talks between the US and Iran to end the war and markets may react accordingly,” Pranav Mer, vice president, EBG – Commodity and Currency Research at JM Financial Services, told news agency PTI.On the Multi Commodity Exchange (MCX), gold futures closed at Rs 1.52 lakh per 10 grams, up Rs 1,178 or about 1 per cent last week.Silver prices rose by Rs 10,985, or 4.4 per cent, to close at Rs 2.61 lakh per kg.

Gold gets support from weak dollar, low bond yields

According to Jatin Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, gold traded with a “positive bias” during the week.“Low US treasury bond yields and soft dollar index have helped gold remain stable despite volatility in global markets,” he said.In the international market, gold futures on Comex rose nearly 2 per cent during the week to $4,730.7 an ounce, while silver rose 5.8 per cent to $80.86 an ounce.Bullion prices remained largely stable throughout the week, supported by a weaker US dollar and reports indicating progress in efforts to end the US-Iran conflict, Mer said.Meanwhile, silver gained for the second consecutive week due to higher copper prices, supply concerns and dollar weakness.

Geopolitical tensions continue to impact bullion

According to PTI, analysts said precious metal prices remained range-bound on Friday following fresh tensions in the Persian Gulf.US and Iranian forces clashed in the region, while the United Arab Emirates also came under fresh attacks, the report said. However, US President Donald Trump later said “the ceasefire is still on”, which helped calm markets.The World Gold Council said continued central bank buying and fresh inflows into global exchange-traded funds also supported gold prices.Analysts said the market will also keep an eye on Trump’s possible visit to China in the coming days and the US Senate’s vote on Federal Reserve Chairman candidate Kevin Wersh.