Apart from geopolitical developments, investors will also track US housing data, GDP numbers, consumer confidence readings and Personal Consumption Expenditure (PCE) inflation data for further clues on the Federal Reserve’s policy outlook, they added.
“Gold price momentum next week looks sideways, while silver still looks positive as focus will again be on the peace negotiations between the US and Iran to end the war,” said Pranav Mer, Vice President, EBG – Commodity & Currency Research, JM Financial Services Ltd.
Domestic futures markets will remain closed during the morning session on Thursday for Bakri Id.
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Gold futures rose marginally to close the previous week at Rs 1.58 lakh per 10 grams, while silver edged lower to settle at Rs 2.71 lakh per kilogram, on the Multi Commodity Exchange (MCX).
“Gold traded in a range-bound manner last week, posting marginal gains of around 0.40 per cent on the MCX to close near Rs 1,58,670 per 10 grams,” Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, said.The week witnessed sharp profit booking in crude oil, with prices correcting nearly 7 per cent from higher levels, easing some inflation concerns globally, he added.
“At the same time, the rupee recovered from weaker levels of 97 against the US dollar to strengthen near 95.70, which limited upside momentum in domestic gold prices despite stable international bullion trends,” Trivedi said.
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In the international markets, Comex gold futures slipped 1 per cent to end the week at USD 4,523.2 per ounce, while silver fell nearly 2 per cent to close at USD 76.20 per ounce.
“Gold prices moved in a consolidative range over the past few sessions, but ended the week with a marginal loss. Prices were steady amid a lack of fresh direction in the market — be it on the economy front or the US-Iran war front,” Mer said.
The volatility in crude oil prices persisted due to contradictory and frequently changing statements from American and Iranian officials, he added.
Meanwhile, President Donald Trump claimed on Sunday that Washington and Tehran were nearing a broad agreement aimed at easing tensions in the Gulf region and reopening the Strait of Hormuz.
In a post on Truth Social, Trump said the agreement had been “largely negotiated” and that only the final details remained before a formal announcement.
However, Iranian media rejected Trump’s claim that the Strait of Hormuz would fully reopen under the proposed agreement, insisting that control over the strategic waterway would remain with Tehran.
Analysts said the conflicting narratives from both sides have kept investors cautious, with bullion prices likely to remain highly sensitive to headlines emerging from the region.
Separately, traders are also expected to closely monitor remarks from Federal Reserve officials after Kevin Warsh formally succeeded Jerome Powell as head of the US central bank on Friday, taking charge during a period marked by geopolitical conflict, volatile markets and persistent inflation pressures.