Precious metals are likely to remain in a corrective phase in the coming week, with investors expected to closely track developments in the Middle East and a packed calendar of global economic data for fresh cues.Analysts cited by news agency PTI said that speeches by US Federal Reserve Chair Jerome Powell on Monday, along with comments from other Fed officials later in the week, will be watched closely for signals on interest rates, which could shape demand for gold and silver.
Middle East tensions and macro data to set the tone
Pranav Mer, vice president, EBG – commodity & currency research at JM Financial Services Ltd, told PTI that geopolitical developments will remain central to market sentiment.“In the week ahead, focus will remain on developments in the Middle East — any sign of escalation and de-escalation may drive the financial market lower or higher,” Mer said.He added that investors will also keep an eye on manufacturing PMI data from major economies, CPI readings from Germany and the Eurozone, as well as key US indicators including consumer confidence, nonfarm payrolls and broader employment data due later in the week.Trading volumes may also stay muted as domestic commodity markets will remain shut on March 31 for Shri Mahavir Jayanti and April 3 for Good Friday, resulting in a shortened trading week.
Gold slips, silver rises in domestic market
In the domestic market, gold futures ended marginally lower at Rs 1.44 lakh per 10 grams over the past week, while silver closed higher by Rs 1,182, or 0.52 per cent, at Rs 2.27 lakh per kilogram on the Multi Commodity Exchange.Mer said domestic bullion continued to find support from the rupee’s weakness against the dollar.“The bullion prices in the domestic market have remained supported by persistent weakness in the Indian rupee against the dollar. Last week, the rupee fell more than 1 per cent to close near 94.80,” he said.He also noted that the recent decline in bullion was driven by ETF liquidation, soft physical demand, a stronger dollar, and elevated US Treasury yields.
Global gold falls nearly 2%; silver rebounds
In international markets, gold settled nearly 2 per cent lower at $4,492.5 per ounce, while silver edged higher to $69.79 per ounce by the end of the week.Choice Broking said silver staged a notable weekly recovery after a long spell of weakness, tracking a sharp rebound in global prices.“Silver posted a strong weekly recovery after a prolonged decline, tracking gains in the global markets where prices rebounded sharply”.“Weakness in US equity markets boosted safe-haven demand, though gold’s traditional appeal showed signs of moderation amid rising Treasury yields and elevated oil prices,” Choice Broking said.Analysts told PTI that geopolitical tensions remained a major driver, with the worsening conflict in the Middle East adding to volatility in bullion prices.They added that while there was temporary relief after US President Donald Trump signalled a 10-day pause on Iran’s energy infrastructure attacks, the dollar index stayed near 100, limiting gains in precious metals.For the week ahead, Choice Broking said gold is likely to remain sideways-to-bullish during the shortened Easter week as traders assess key US economic data.Silver, meanwhile, is also drawing support from strong Chinese physical demand. China’s silver imports rose to an eight-year high of 206.76 metric tonnes in the first two months of 2026, up 49 per cent month-on-month and a sharp 5,910 per cent year-on-year, tightening global supply and lending support to prices.