Gold's next test: Fed verdict, crude oil and geopolitical tensions in focus

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Market's attention will not be limited to the Fed as investors will also be tracking US Consumer Confidence data, Core Personal Consumption Expenditures (PCE) inflation figures, weekly jobless claims, and monetary policy announcements from the Bank of England and the Bank of Japan."Market sentiment will continue to be driven by developments in the US-Iran geopolitical situation, the direction of crude oil prices, and their impact on inflation expectations ahead of the US Federal Reserve's policy decision on July 29," said Jateen Trivedi, VP research analyst - commodity and currency, LKP Securities.CJP Jantar Mantar Protest UpdatesDharmendra Pradhan resigns as Union education minister amid massive student protests'We won't go': CJP's Dipke says protests to continue till all demands metFresh clashes at Jantar Mantar after Pradhan's exit; tear gas fired, stones peltedRecovery follows a volatile weekGold and silver recovered by the end of last week after witnessing sharp swings driven by developments in the oil market.

According to analysts, Brent crude briefly reclaimed the $100-per-barrel mark after Houthi strikes on Saudi-owned vessels heightened fears of supply disruptions. As oil prices later retreated on profit booking, precious metals regained ground.In the domestic market, gold futures for August delivery settled Rs 2,200, or 1.

6%, higher at Rs 1.43 lakh per 10 grams over the week.Silver futures for September delivery also ended the week in positive territory, rising Rs 5,735, or 2.

7%, to Rs 2.22 lakh per kilogram on the Multi Commodity Exchange.Global markets mirrored the trend.

Comex gold futures for August delivery rose $52, or 1.3%, to $4,070.8 per ounce, while September silver futures advanced $3, or nearly 5%, to $58.

90 per ounce in New York.Markets await fresh cuesPraveen Singh, head of commodities at Mirae Asset ShareKhan, said bullion is likely to remain range-bound as traders continue to monitor developments surrounding Iran.He also said China's central bank continued to add to its gold holdings in May, providing continued support from official-sector buying.

Apart from geopolitical developments, traders will keep a close watch on shipping activity through the Strait of Hormuz. The market will also parse comments from Federal Reserve Chair Kevin Warsh after the policy decision for indications on the future path of US interest rates and the direction bullion prices could take.Get the latest Business News and Live updates.

Download the TOI app.About the AuthorTOI Business DeskThe TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies.

With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.Read MoreEnd of ArticleFollow Us On Social MediaPhotostories"They had..in the afternoon and with veggies and sambar in the evening": R Madhavan reveals his grandparents' staple food they ate till the age of 82; 6 South Indian ways to include it in your dietThe country that inspired the Mediterranean diet is now battling a childhood obesity crisis.

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