Bullion counter may trade on sideways path as movement of greenback and fear of interest rate hike to give further direction to the prices. Gold can move in range of 30800-31200 while silver can move in range of 44100-44500 in near term. Gold futures on Monday staged a modest rebound after suffering their largest weekly decline since mid-July.
Strength in the dollar kept gains for the metal in check, with traders eyeing the monthly U.S. jobs report due at the end of the week as the next major catalyst in the effort to solidify their expectations for the Federal Reserve’s monetary policy path. Federal Reserve Chair Janet Yellen said on Friday the case for "an increase" in the policy rate has strengthened in recent months due to improvements in the labor market and expectations for solid economic growth.
Courtesy: Smc Comtrade