Precious metal prices are expected to witness further consolidation in the next week, with volatility likely to persist as investors track key US economic data, including inflation numbers, GDP readings and policy signals from Federal Reserve, analysts said.
Traders will also closely watch the US labour data, along with Federal Open Market Committee (FOMC) meeting minutes and speeches from Fed officials, for cues on the timing and pace of potential rate cuts, they added.
Pranav Mer, Vice President, EBG, Commodity & Currency Research, JM Financial Services Ltd, said 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.
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On the domestic front, silver futures on the Multi Commodity Exchange (MCX) declined Rs 5,532, or 2.2 per cent, while gold rose Rs 444, or 0.3 per cent, over the past week.
“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,” Prathamesh Mallya, DVP – Research, Non-Agri Commodities and Currencies, Angel One, said.
He said stronger-than-expected US employment data have lowered expectations of near-term rate cuts, weighing 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.
In the international market, Comex gold futures gained USD 84, or 1.7 per cent, while silver edged up marginally to close at USD 77.27 per ounce.
“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 USD 5,000 per ounce in the overseas market.
“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,” Pranav Mer said.
Analysts said central bank buying, safe-haven flows amid the sharp sell-off in tech & AI stocks across global markets, and a softer dollar index lent support to bullion prices.
However, mixed physical demand from India and China, profit-booking among ETF investors, and strong US macro data capped the upside.
Pranav Mer noted that silver prices also saw bouts of volatility throughout the week, marked by two-way price movements and periodic profit-taking at higher levels.
“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 that both gold and silver are likely to remain range-bound in the near-term as investors await more clarity on the Federal Reserve’s monetary policy outlook and broader global economic direction.
