This week, gold prices are likely to be driven by ongoing US-Iran negotiations, Federal Reserve speeches, and crucial macroeconomic data. Analysts suggest that comments from Fed officials could impact interest rate expectations, influencing bullion prices. Recently, gold futures on the Multi Commodity Exchange (MCX) decreased by nearly 2%, closing at ₹1.55 lakh per 10 grams, while silver also saw a decline. The extension of the ceasefire in US-Iran talks may ease safe-haven demand, further pressuring gold prices. Additionally, the Reserve Bank of India (RBI) is anticipated to maintain the key policy rate at 5.25% amidst inflation concerns. Market participants are also focusing on a busy economic calendar, including PMI readings and employment data, which could affect Fed rate expectations. Despite recent selling pressure, bargain buying and ongoing demand amid geopolitical tensions, particularly regarding Russia and Ukraine, have provided some support for gold prices.