US Fed action, oil swings to test bullion as traders eye West Asia risks: Analysts

Gold and silver prices advanced last week, with MCX gold August futures up 1.6 percent at Rs 1.43 lakh per 10 grams and silver up 2.7 percent at Rs 2.22 lakh per kilogram. Globally, Comex gold settled at USD 4,070.8 per ounce and silver at USD 58.90 per ounce. Analysts expect bullion to trade in a range as markets await the US Federal Reserve policy decision on July 29, with crude oil swings and US-Iran geopolitical tensions remaining key drivers; China's central bank continued gold accumulation in May, reinforcing official-sector demand.