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Gold prices are likely to remain in a corrective phase in the coming week as investors await key macroeconomic data from the US and China, along with fresh cues from Federal Reserve officials and a US Supreme Court hearing on trade tariffs, analysts said.“Gold prices are expected to see some consolidation or more correction as focus will be on the inflation numbers, US Supreme Court hearing on tariffs, speeches from Fed officials, and Chinese data,” said Pranav Mer, Vice President, Commodity & Currency Research, JM Financial Services Ltd, PTI quoted.He noted that although gold ended the week slightly lower, the metal continues to trade within a narrow range — capped on the upside by a strong dollar and subdued retail demand, as buyers await further price correction.However, the downside remained limited due to uncertainty over the US economic outlook, with the government shutdown delaying key data releases that could complicate the Fed’s next policy move. “The outcome of the Supreme Court hearing on the legality of Trump’s trade tariffs could also increase volatility in gold,” Mer added.Domestic and global cues keep traders cautiousOn the Multi Commodity Exchange (MCX), gold futures for December delivery slipped Rs 165, or 0.14%, last week to close at Rs 1,21,067 per 10 grams on Friday.
“MCX gold futures are currently trading between Rs 1,17,000 and Rs 1,22,000 per 10 grams. Weak US labour data, safe-haven demand, expectations of rate cuts, and sustained central bank buying are the key drivers for gold in the near term,” said Prathamesh Mallya, DVP – Research, Non-Agri Commodities and Currencies, Angel One.He added that gold is on track for its best annual gain since 1979, and continued volatility could push prices higher if current fundamentals persist.In the global market, Comex gold futures for December delivery rose $13.3, or 0.33%, during the week to settle at $4,009.8 per ounce, PTI reported .“Gold hovered near the $4,000 mark, stabilising after sharp swings driven by shifting expectations over US monetary policy,” said Riya Singh, Research Analyst – Commodities and Currency, Emkay Global Financial Services.She noted that optimism over an early December rate cut was tempered by mixed signals from Fed officials and the absence of official inflation data due to the US shutdown.Despite retreating 10% from its record high above $4,390, gold remains up over 50% year-to-date, marking its strongest annual performance since 1979. Singh attributed the surge to rate cuts, sustained central bank gold purchases exceeding 600 tonnes in 2025, and steady ETF inflows, though she added that ETFs saw two weeks of outflows by the end of October as investors booked profits.Silver tracks gold, stays range-boundSilver mirrored gold’s trend, staying largely range-bound through the week.
On the MCX, silver futures for December delivery slipped Rs 559, or 0.38%, to Rs 1,47,728 per kilogram. On Comex, the white metal finished at $48.14 per ounce.“Silver steadied above $48 per ounce, supported by safe-haven demand amid shutdown concerns and shifting Fed expectations,” Singh said.She highlighted that Washington’s recent move to add silver to its list of critical minerals, alongside copper and uranium, could influence global trade flows.
The inclusion brings the total to 60 critical minerals, potentially paving the way for new tariffs and trade restrictions under the administration’s Section 232 probe.“The US relies heavily on imported silver for industrial applications — from electronics to solar panels — and any tariff action could disrupt supply chains,” Singh said.According to Mer, silver’s momentum remains consolidative to corrective below Rs 1,50,000–1,51,000 per kg, with support seen at Rs 1,39,300–1,38,000.“While policy ambiguity and profit-taking may limit sharp gains, resilient industrial demand, geopolitical risks, and a weaker dollar are expected to keep silver supported above $47.55 per ounce,” Singh added.
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