Analysts said the precious metals are expected to remain under pressure in the coming week, as investors weigh geopolitical uncertainty in the Middle East against upcoming inflation data and other economic indicators that could shape expectations for global interest rates.The latest tensions between the US and Iran have reignited concerns over energy supplies after Tehran announced the closure of the Strait of Hormuz following an attack on a ship traveling through the unauthorized route. The conflict escalated after Iran retaliated against US-linked facilities in the United Arab Emirates, Kuwait and Bahrain following the US strikes.While geopolitical tensions generally support safe-haven demand for gold, analysts said the current environment could have a mixed effect. A sustained rise in crude oil prices could fuel inflation, strengthen the US dollar and push up Treasury yields, reducing the appeal of non-yielding assets like gold and silver.“Gold and silver are still seen in a correction phase. The direction will largely depend on how the US-Iran conflict unfolds. Any major rise is likely to push oil prices higher and support the US dollar and Treasury yields,” Pranab Mer, senior vice president, commodity and currency research, JM Financial Services, was quoted as saying by PTI.Apart from geopolitical developments, investors are awaiting inflation readings from the US, India and the euro zone, which could provide fresh signals on the policy stance of major central banks.On the domestic front, bullion prices ended the week with sharp losses. MCX gold futures for August settlement fell Rs 3,900, or 2.65 per cent, to Rs 1.43 lakh per 10 gram, while September silver futures fell Rs 14,746, or 6.2 per cent, to Rs 2.22 lakh per kg.The weakness reflected global trends, where gold fell 0.3 per cent to $4,113.7 an ounce and silver 1.5 per cent to $60.16 an ounce on Comex.According to Jatin Trivedi, Vice President, Research Analyst, Commodity and Currency, LKP Securities, gold struggled to maintain short-term gains as investors continued to book profits.He said sentiment remained weak due to a strong US dollar, higher crude oil prices and expectations that interest rates will remain high for a longer period. Although the weakening rupee provided some support to domestic gold prices, it was not enough to offset the weakness in overseas markets.In addition to inflation data, traders will also keep an eye on US retail sales, housing numbers and weekly jobless claims for clues about the Federal Reserve’s next move. Chinese economic data, including gross domestic product, industrial production, trade and credit growth, will also be closely watched for their impact on broader commodity markets.Analysts believe bullion is likely to remain range-bound unless the market gets a strong trigger, either through a significant change in geopolitical developments or fresh signals on the global interest rate outlook.