Silver and gold brace for another nervous week based on US inflation data: analysts

Precious metals prices are expected to undergo further consolidation in the coming week, with volatility likely to persist as investors monitor key U.S. economic data including inflation figures, GDP figures and policy signals from the Federal Reserve, analysts said.

Traders will also keep a close eye on U.S. labor data, along with minutes of Federal Open Market Committee (FOMC) meetings and speeches from Fed officials, for clues on the timing and pace of potential rate cuts, she added.

Pranav Mer, vice president of 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 GDP and inflation data from the Personal Consumption Expenditures (PCE) and Federal Reserve official commentary.

On the domestic front, silver futures on the Multi Commodity Exchange (MCX) fell by Rs 5,532, or 2.2 percent, while gold rose Rs 444, or 0.3 percent, in the past week.

“Gold prices have fallen in February 2026, with prices correcting from highs of Rs 1,80,000 per 10 gram to around Rs 1,53,800 per 10 gram on February 13,” said Prathamesh Mallya, DVP – Research, Non-Agri Commodities and Currencies, Angel One.

He said stronger-than-expected US employment data have lowered expectations of near-term interest rate cuts, weighing on gold prices last week.

“However, the yellow metal’s appeal remains intact due to geopolitical tensions and strong buying ahead of the Lunar New Year. This week is a battle between bears and bulls and volatility will continue in the coming week,” Mallya added.

In the international market, Comex gold futures rose USD 84, or 1.7 percent, while silver rose marginally to close at USD 77.27 per ounce.

“The gold price fluctuated between gains and losses for most of the trading session, but managed to end the week on a positive note and above $5,000 per ounce in the overseas market.

“Bullions are going through a phase of consolidation amid lack of clarity among traders as they remain divided on price direction and look for new fundamental triggers,” said Pranav Mer.

Analysts said central bank buying, safe-haven flows amid the sharp sell-off in technology and AI stocks in 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 limited the upward trend.

Pranav Mer noted that silver prices also saw periods of volatility during the week, characterized by two-way price movements and periodic profit-taking at higher levels.

“The white metal suffered corrections in industrial metals and profit booking after failing to break key technical resistance. It was also pressured by 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 within the range in the near term as investors await more clarity on the Federal Reserve’s monetary policy outlook and the broader global economic direction.