Analysts say gold and silver are likely to trade in a tight range with a positive bias in the coming week, as investors keep an eye on geopolitical developments in West Asia and key global macroeconomic data.Market participants will also keep an eye on the Reserve Bank of India’s monetary policy decision due in the middle of the week for further signals.“In the coming week, the focus will remain on developments in the Gulf region – any signs of further growth and scarcity could push prices higher,” said Pranav Mer, Vice President, Commodity & Currency Research, JM Financial Services Ltd., EBG.He said investors will closely monitor global indicators including US data on durable goods, GDP, personal consumption expenditure (PCE) index and CPI inflation, as well as service PMI readings in major economies.In the previous holiday week, gold futures for June delivery rose by Rs 2,425, or 1.65%, while silver futures for May rose by Rs 4,541, or 2%, on the Multi Commodity Exchange.Brokerage firm Choice Broking said gold and silver prices have recovered after three consecutive weeks of decline, supported by macroeconomic and geopolitical factors, including a weakening rupee at record lows and a decline in Bitcoin as investors turned to bullion.In global markets, gold futures for June delivery on Comex rose by US$155.4, or 3.43%, to settle at US$4,679.7 an ounce. Silver for May delivery rose US$3.13, or 4.5%, to US$72.92 an ounce.“Gold prices closed on a positive note for the second consecutive week, ending with weekly gains of around 4 per cent, while silver also gained momentum during the week, leading gains in gold and industrial metals,” Mer said.He said prices remained steady despite stronger-than-expected US macroeconomic data, which reinforced expectations that the economy remains resilient and monetary policy remains accommodative.Mer said gold saw some liquidity due to reduced ETF selling and central bank buying, followed by a corrective move after US President Donald Trump’s comments on Iran heightened geopolitical tensions.Choice Broking said uncertainties remain as Iran rejects US peace proposal and maintains control over the Strait of Hormuz, while strong physical demand continues to support prices. Silver imports into China reached an eight-year high of 206.76 metric tons during the first two months of 2026, leading to a shortage in global supply.Analysts expect the overall trend in precious metals to remain bullish in the near term, with investors also keeping an eye on US unemployment data and jobless claims for signals on policy direction and bullion prices.
