Gold, Silver Prices to Remain Range-Bound Amid US-Iran Peace Talks

Gold and silver prices are likely to remain range-bound for the second straight week as investors closely monitor developments in US-Iran peace negotiations and key global macroeconomic data, according to analysts. The prices will be influenced by inflation data from China, Germany, and the US, as well as GDP figures from the Eurozone and the UK.

Market participants will track the progress of peace talks between the US and Iran, which could impact market reactions. Pranav Mer, vice president of EBG - commodity & currency research at JM Financial Services, said gold prices have a consolidative momentum, while silver movement looks positive.

On the Multi Commodity Exchange (MCX), gold futures rose Rs 1,178, or nearly 1 percent, over the past week to settle at Rs 1.52 lakh per 10 grams, while silver prices surged Rs 10,985, or 4.4 percent, to close at Rs 2.61 lakh per kilogram.

Geopolitical tensions, including renewed clashes in the Persian Gulf, will continue to influence bullion prices, analysts said. The World Gold Council noted that continued central bank buying and fresh inflows into global exchange-traded funds also supported gold prices.

The market will keep an eye on US President Donald Trump's expected China visit and the US Senate vote on Federal Reserve Chair nominee Kevin Warsh in the coming days, analysts added.