Gold and Silver Prices Seen Consolidating as Investors Track US Data and Fed Signals

New Delhi, February 15 Precious metal prices are expected to remain in a consolidation phase next week, with volatility likely to persist as investors monitor key economic indicators from the United States and policy cues from the Federal Reserve.

Market participants are closely watching upcoming US inflation data, GDP readings, labor market numbers, and the minutes of the Federal Open Market Committee meeting. Speeches from Federal Reserve officials are also expected to influence expectations around the timing and pace of potential interest rate cuts.

US Data and Fed Commentary to Drive Bullion Sentiment​

Pranav Mer, Vice President, EBG, Commodity and Currency Research at JM Financial Services Ltd, said gold and silver prices may continue to consolidate, though volatility is likely to remain elevated.

He noted that the focus will stay on incoming US GDP data and Personal Consumption Expenditures inflation figures, along with commentary from Federal Reserve officials. According to him, the bullion market is currently in a consolidation phase as traders remain divided on price direction and await fresh fundamental triggers.

Domestic Market Movement on MCX​

On the domestic front, silver futures on the Multi Commodity Exchange declined by Rs 5,532, or 2.2 per cent, over the past week. In contrast, gold rose by Rs 444, or 0.3 per cent, during the same period.

Prathamesh Mallya, DVP Research Non Agri Commodities and Currencies at Angel One, said gold prices corrected in February 2026. Prices eased from highs of Rs 1,80,000 per 10 grams to around Rs 1,53,800 per 10 grams as of February 13.

He stated that stronger than expected US employment data reduced expectations of near term rate cuts, which weighed on gold prices last week. However, he added that gold’s safe haven appeal remains intact amid geopolitical tensions and strong buying ahead of the Lunar New Year. He expects continued volatility with a tug of war between bulls and bears.

International Market Performance​

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.

Pranav Mer said gold prices fluctuated between gains and losses through most of the session but ended the week in positive territory, closing above USD 5,000 per ounce in the overseas market.

He added that the lack of clarity among traders regarding price direction is contributing to the current consolidation trend in bullion.

Key Support and Resistance Factors​

Analysts pointed out that central bank buying, safe haven flows amid a sharp sell off in global technology and AI stocks, and a softer dollar index are supporting bullion prices.

At the same time, mixed physical demand from India and China, profit booking by ETF investors, and firm US macroeconomic data are limiting the upside.

Silver, too, witnessed notable volatility during the week. According to Mer, the metal saw two way price movements and periodic profit taking at higher levels. He said silver faced pressure from corrections in industrial metals and a broader global equity sell off, which reduced overall risk appetite.

Near Term Outlook for Gold and Silver​

Analysts expect both gold and silver prices to remain range bound in the near term. Market direction will likely hinge on clarity around the Federal Reserve’s monetary policy trajectory and broader global economic signals.

With traders awaiting decisive cues from US economic data and central bank communication, volatility in precious metals is expected to continue in the coming sessions.