Precious metal prices are expected to remain volatile and witness further consolidation in the coming week as investors track key US economic indicators, including inflation data, GDP readings and signals from the Federal Reserve, analysts said.
Traders are also likely to monitor US labour market data, the minutes of the Federal Open Market Committee (FOMC) meeting and speeches from Fed officials for clarity on the timing and pace of potential rate cuts, as per news agency PTI.
Volatility to persist on US GDP, PCE data
Pranav Mer, vice president, EBG – commodity & currency research at JM Financial Services Ltd, said gold and silver prices may continue to witness consolidative moves, though volatility is expected 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, as per PTI.
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.
Gold corrects sharply in February
Prathamesh Mallya, DVP – research, non-agri commodities and currencies at Angel One, said gold prices have 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, as per PTI.
He attributed the weakness to stronger-than-expected US employment data, which has reduced expectations of near-term rate cuts and weighed on gold prices in the past week.
“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 added.
International trends and market drivers
In the international market, Comex gold futures gained $84, or 1.7 per cent, during the week, while silver edged up marginally to close at $77.27 per ounce.
Mer said gold prices moved between gains and losses through most of the trading sessions but managed to end the week higher.
“Gold prices see-sawed between gains and losses for most part of the trading session, but managed to close the week in positive and above $5,000 per ounce in the overseas market.
“The bullions are passing through a phase of consolidation amid a lack of clarity among traders as they remain divided over the price direction and look for fresh fundamental triggers,” he said.
Analysts noted that central bank buying, safe-haven demand amid a sharp sell-off in global technology and AI stocks, and a softer dollar index provided support to bullion prices.
However, mixed physical demand from India and China, profit-booking by ETF investors and strong US macroeconomic data capped the upside.
Mer said silver also experienced two-way price movements during the week.
“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,” he added.
Analysts said both gold and silver are likely to remain range-bound in the near term as investors await clearer signals on the Federal Reserve’s monetary policy trajectory and broader global economic trends.
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