Gold and silver are expected to remain under pressure this week as investors assess the impact of the escalating conflict in US-Iran, elevated crude oil prices and a series of key global economic data releases that could influence the outlook for interest rates.According to market experts, traders will closely track developments in the US-Iran conflict, US weekly jobless claims, flash Purchasing Managers’ Index (PMI) data, as well as monetary policy decisions and economic indicators from Europe and China for fresh cues.The uncertainty comes after the US military carried out fresh airstrikes on Iran on Sunday following attacks on American-linked installations in Jordan, further escalating tensions in the region.“Momentum in gold remains corrective as investors look ahead to the Federal Reserve’s meeting towards month-end. However, focus will remain on developments between the US and Iran,” Pranav Mer, Senior Vice President, EBG – Commodity & Currency Research, JM Financial Services Ltd told PTI.On the Multi Commodity Exchange (MCX), gold futures for August delivery fell Rs 2,572, or nearly 2 per cent, to settle at Rs 1.40 lakh per 10 grams last week.Silver futures for September delivery also witnessed heavy selling, dropping Rs 6,261, or 2.8 per cent, to close at Rs 2.16 lakh per kilogram.“Gold extended its corrective phase last week as a stronger US dollar, firm crude oil prices, and expectations of prolonged higher interest rates continued to weigh on bullion,” Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities told the agency.He added that every recovery in gold prices was met with fresh selling, indicating that investors preferred booking profits instead of creating new long positions.“The rupee’s mild correction offered little support as the stronger dollar continued to dominate sentiment,” Trivedi said.In international markets, Comex gold futures declined $95, or 2.3 per cent, to settle at $4,018.8 per ounce, while silver tumbled nearly $4, or 6.4 per cent, to $56.32 per ounce during the week.Mer said both precious metals recovered on Friday but still ended the week lower. “Crude oil prices surged more than 14 per cent on fears of supply disruptions, while rising Treasury yields further dented bullion’s appeal,” he added.Investors will also keep an eye on PMI data from the Eurozone and the UK, along with economic developments in China, for further direction in precious metals, he added.Meanwhile, domestic equity markets ended last week on a strong note. The BSE Sensex gained 965 points on Friday, while the Nifty climbed to the 24,330 level, supported by buying in Reliance Industries, banking and IT stocks.A stronger rupee against the US dollar also improved market sentiment, although traders said the broader market remained under pressure due to weak global cues.