Gold and silver are likely to trade in a range with a positive bias next week, as investors track geopolitical developments in West Asia and key global macroeconomic data, analysts said.Market participants will also be watching the Reserve Bank of India’s monetary policy decision scheduled mid-week for further signals.“Going into next week, the focus will continue to be on developments in the Gulf region – and any sign of further escalation and de-escalation could send prices higher, accordingly,” said Pranav Mir, EBG vice president of commodities and currency research at JM Financial Services Ltd.He added that investors will closely follow global indicators including services PMI readings across major economies, along with US data on durable goods, gross domestic product, personal consumption expenditures index and consumer price index inflation.In the previous holiday-shortened week, gold futures for June delivery rose by Rs 2,425, or 1.65%, while May silver futures rose by Rs 4,541, or 2% on the Multi Commodity Exchange.Brokerage firm Choice Broking said the recovery in gold and silver prices came after three straight weeks of decline, supported by macroeconomic and geopolitical factors, including a weak rupee at record lows and a decline in bitcoin as investors shift flows towards bullion.
In global markets, gold futures for June delivery rose US$155.4, or 3.43%, to settle at US$4,679.7 an ounce on the COMEX exchange. Silver for May delivery rose US$3.13, or 4.5%, to close at US$72.92 an ounce.Mir said, “Gold prices closed higher for the second week in a row, ending with weekly gains of about 4 percent, while silver also rose for this week, tracking the rise in gold and industrial metals.”He noted that prices remained steady despite stronger-than-expected US macroeconomic data, which reinforced expectations that the economy remained resilient and monetary policy remained accommodative.Mir added that some liquidation was seen in gold due to the selling of ETFs and a decrease in central bank purchases, followed by a corrective movement after US President Donald Trump’s statements regarding Iran, which led to an escalation in geopolitical tensions.Choice Broking said doubts remained as Iran rejected the US peace proposal and retained control of the Strait of Hormuz, while strong physical demand continued to support prices. Silver imports into China during the first two months of 2026 reached an eight-year high of 206.76 metric tons, tightening global supply.Analysts expect the overall trend in precious metals to remain sideways to bullish in the near term, with investors also monitoring US unemployment data and jobless claims for signals on the direction of policy and bullion prices.
