“Add to this are Fed Chairman Jerome Powell’s speech on Monday, developments surrounding the Russia-Ukraine peace talks and the RBI policy meeting on Friday, all of which will be closely watched by traders,” he added.On the Multi Commodity Exchange (MCX), gold futures for the February 2026 contract rose by Rs 3,654, or 2.9 percent, last week to close at Rs 1,29,504 per 10 gram on Friday.
In domestic markets, “rupee weakness and local demand have been major contributors to gold price volatility in Indian markets. Demand from festivals, weddings and continued jewelery purchases continue to support precious metals prices in Indian markets,” said Prathamesh Mallya, DVP – Research, Non – Agri Commodities and Currencies, Angel One.
Mallya added that continued gold accumulation by global central banks would keep the long-term outlook constructive. Karthick Jonagadla, small case manager and founder of Quantace Research, said: “For investors, gold is a neat way to express their view on the US real interest rate path while staying within a known range.” Easing could quickly reverse recent gains, so position sizing and hedging discipline are key.
In international markets, Comex gold futures for December delivery rose USD 138.8, or 3.4 percent, for the week, ending at USD 4,218.3 per ounce on Friday.
“Gold prices rose more than one percent after trading on CME resumed after an 11-hour hiatus. Bullions remained supported by a weaker US dollar, dovish commentary from some Fed officials and rising expectations for an eminent 25 basis point rate cut by the US Federal Reserve,” said Pranav Mer of JM Financial Services.
Meanwhile, silver had a spectacular week, outperforming gold.
On the MCX, white metal futures have shot up by Rs 17,104, or 10.83 percent, in the past week. Silver for delivery in March 2026 crossed the Rs 1.75 lakh per kilogram level for the first time on Friday.
In overseas trading, Comex silver futures for December delivery rose USD 6.53, or 13.09 percent, during the week to close at USD 56.44 an ounce. The price rose $3.53, or 6.68 percent, to reach a record high of $56.45 an ounce on Friday.
“Silver advanced to all-time highs amid dovish signals from Federal Reserve officials and the delayed release of key US data have boosted confidence that borrowing costs will fall, with swaps markets now estimating an 80 to 87 percent chance of a quarter-point cut next month,” said Riya Singh, research analyst, commodities and currencies, Emkay Global Financial Services.
Echoing similar sentiments, Mer said silver’s rally was boosted by the strength of industrial metals such as copper, as it also hit its all-time high on the London Metals Exchange (LME).
“Silver prices have witnessed a strong break above Rs 1,64,000 per kilogram level and have risen sharply. The momentum may further push prices higher towards Rs 1,90,000-2,00,000 per kg level in the near term,” he added.
With interest rate cuts hopes intact, the US dollar under pressure and safe-haven demand holding steady amid geopolitical uncertainties, analysts say gold could look to retest its record highs if upcoming data strengthens the easing outlook.
#Gold #test #record #highs #traders #pay #attention #Powells #speech #RBI #policy #Analysts