New Delhi, February 15 Precious metal prices are expected to see further consolidation in the next week, with volatility likely to persist as investors track key US economic data, including inflation figures, GDP readings, and policy signals from the Federal Reserve, analysts said.
Traders will also closely watch US labor data, along with the minutes of the Federal Open Market Committee (FOMC) meeting and speeches from Fed officials, for cues on the timing and pace of potential rate cuts, they added.
Pranav Mer, Vice President, EBG, Commodity & Currency Research, JM Financial Services Ltd, said that gold and silver prices may continue to see more consolidation, but volatility will prevail as the focus remains on incoming US data on GDP and the Personal Consumption Expenditures (PCE) inflation figures, as well as commentary from Federal Reserve officials.
On the domestic front, silver futures on the Multi Commodity Exchange (MCX) declined by Rs 5,532, or 2.2 per cent, while gold rose by Rs 444, or 0.3 per cent, over the past week.
"Gold prices fell in February 2026, with prices correcting from highs of Rs 1,80,000 per 10 grams to around Rs 1,53,800 per 10 grams as of February 13," said Prathamesh Mallya, DVP - Research, Non-Agri Commodities and Currencies, Angel One.
He said that stronger-than-expected US employment data have lowered expectations of near-term rate cuts, weighing on gold prices in the past week.
"However, the safe-haven appeal of the yellow metal remains intact due to geopolitical tensions and strong buying ahead of the Lunar New Year. This week will see a tug-of-war between bears and bulls, and volatility is expected to continue," Mallya added.
In the international market, Comex gold futures gained USD 84, or 1.7 per cent, while silver edged up marginally to close at USD 77.27 per ounce.
"Gold prices fluctuated between gains and losses for most of the trading session, but managed to close the week in positive territory and above USD 5,000 per ounce in the overseas market," Pranav Mer said.
"The bullion market is experiencing a period of consolidation due to a lack of clarity among traders, who are divided on the price direction and are waiting for fresh fundamental triggers," he added.
Analysts said that central bank buying, safe-haven flows amid the sharp sell-off in tech and AI stocks across global markets, and a softer dollar index are lending support to bullion prices.
However, mixed physical demand from India and China, profit-booking among ETF investors, and strong US macro data are capping the upside.
Pranav Mer noted that silver prices also experienced volatility throughout the week, marked by two-way price movements and periodic profit-taking at higher levels.
"The white metal was weighed down by corrections in industrial metals and profit-booking after failing to breach key technical resistance. It also faced pressure from the global equity sell-off, which reduced risk appetite across asset classes," he added.
Analysts said that both gold and silver are likely to remain range-bound in the near term as investors await more clarity on the Federal Reserve's monetary policy outlook and the broader global economic direction.
