New Delhi: Precious metal prices are expected to witness further consolidation in the next week, with volatility likely to persist as investors track key US economic data, including inflation numbers, GDP readings and policy signals from Federal Reserve, analysts said.
Traders will also closely watch the US labour data, along with Federal Open Market Committee (FOMC) meeting minutes and speeches from Fed officials, for cues on the timing and pace of potential rate cuts, they added.
On the domestic front, silver futures on the Multi Commodity Exchange (MCX) declined Rs 5,532, or 2.2 per cent, while gold rose Rs 444, or 0.3 per cent, over the past week.
In the global market, Comex gold futures gained $84, or 1.7 per cent, while silver edged up marginally to close at $77.27 per ounce.
Analysts said central bank buying, safe-haven flows amid the sharp sell-off in tech & AI stocks across 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 capped the upside.
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 broader global economic direction.