Gold and silver prices are expected to remain volatile in the coming week as investors track key US economic data, including inflation and GDP figures, along with signals from the Federal Reserve on interest rate cuts, analysts said on Sunday.
Market participants will closely monitor US labour data, Personal Consumption Expenditures (PCE) inflation numbers, minutes of the Federal Open Market Committee (FOMC) meeting and speeches by Federal Reserve officials to gauge the timing and pace of any policy easing.
Pranav Mer, Vice President, EBG, Commodity & Currency Research, JM Financial Services Ltd, said gold and silver may continue to witness consolidation, though volatility is likely to persist. “Gold and silver prices may continue to see more consolidative moves but volatility will prevail with focus on incoming US data on GDP and the Personal Consumption Expenditures (PCE) inflation numbers and Federal Reserve official's commentary,” he said.
On the domestic front, silver futures on the Multi Commodity Exchange (MCX) declined Rs 5,532, or 2.2 per cent, over the past week, while gold rose Rs 444, or 0.3 per cent.
Prathamesh Mallya, DVP – Research, Non-Agri Commodities and Currencies, Angel One, noted that gold prices corrected in February. “Gold prices have fallen in February 2026, with prices correcting from highs of Rs 1,80,000 per 10 grams to around Rs 1,53,800 per 10 grams as on February 13,” he said.
He added that stronger-than-expected US employment data have reduced expectations of near-term rate cuts, weighing on gold. “However, the yellow metal's safe haven appeal remains intact on account of geopolitical tensions, and strong buying ahead of the Lunar New Year. It's a tug of war between bears and bulls this week, and the volatility will continue in the week ahead,” Mallya said.
Also read: Silver climbs ₹4,000, gold rises to ₹1.61 lakh
In the international market, Comex gold futures gained USD 84, or 1.7 per cent, during the week, while silver edged up to close at USD 77.27 per ounce.
Mer observed that bullion prices have entered a consolidation phase. “The bullions are passing through a phase of consolidation amid lack of clarity among traders as they remain divided over the price direction and look for fresh fundamental triggers,” he said.
Analysts pointed to central bank buying, safe-haven demand amid the sell-off in technology and AI stocks globally, and a softer US dollar as supportive factors. However, mixed physical demand from India and China, profit-booking by ETF investors and robust US macroeconomic data capped gains.
Silver, too, witnessed two-way price action. “The white metal was weighed by corrections in industrial metals and profit-booking after failing to breach key technical resistance. It also faced pressure from the tech-led global equity sell-off, which reduced risk appetite across asset classes,” Mer said.
Analysts expect both metals to remain range-bound in the near term pending clearer signals from the Federal Reserve and global economic trends.
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