Bullion prices are likely to remain under pressure next week as investors track developments in the US-Iran conflict, movements in crude oil prices and inflation data for cues on the outlook for interest rates, analysts cited by the Press Trust of India (PTI) said on Sunday.

Source: PTI via TradingView News

The focus will be on inflation prints from China, the United States, Germany, Japan and India. Investors will also closely track speeches by Federal Reserve officials and US employment data, while Chinese economic indicators will be important for industrial metals, the analysts added.

Rs 1.42 lakhMCX gold close per 10 grams (Dec futures)
+Rs 3,682Gold's weekly gain on MCX, nearly 3%
Rs 1.84 lakhMCX silver close per kg, up Rs 5,655
$4,074.9Comex gold close per ounce, up 4.5% in the week

"Gold and silver's momentum remains down as investors will focus on the inflation data from China, the US, Germany, Japan, India, etc along with some Fed officials' commentary," said Pranav Mer, Senior Vice President, EBG - Commodity & Currency Research at JM Financial Services Ltd, quoted by PTI. He said investors would also track progress in peace negotiations between the US and Iran and in Russia-Ukraine peace talks.

Geopolitical developments will remain a key driver after US President Donald Trump confirmed fresh military strikes on Iran while claiming Washington had made "a lot of progress" in negotiations with Tehran, adding another layer of uncertainty, PTI reported.

A volatile week: midterm rally, then payrolls pressure

On the Multi Commodity Exchange, gold futures for December delivery gained Rs 3,682, or nearly 3 per cent, over the past week to close at Rs 1.42 lakh per 10 grams, while silver futures rose Rs 5,655, or 3.15 per cent, to settle at Rs 1.84 lakh per kilogram. In international markets, Comex gold futures for December delivery advanced $176, or 4.5 per cent, to close at $4,074.9 per ounce, and silver gained $2.6, or 5.4 per cent, to settle at $51.94 per ounce.

Source: PTI via TradingView News

Kitco News, in its own weekly market report, traced the same arc: spot gold opened the week at $3,875.21 an ounce, surged to a weekly high of $4,147.02 on Thursday after Democrats swept both chambers of the US Congress in the midterm elections, then slipped back toward $4,030 on Friday after stronger-than-expected US payrolls — 165,000 jobs added in October, with unemployment down to 4.1% — before recovering to trade just shy of $4,070 at the weekly close.

Source: Kitco News

Mer said bullion initially faced pressure from the strong US nonfarm payroll data and improving consumer sentiment, which lifted the dollar and Treasury yields, but prices ended with a strong weekly gain following the mid-week rally after the midterm outcome. Analysts cited by PTI said precious metals recovered on bargain buying and short-covering, with safe-haven demand after a decline in AI, data centre and technology stocks, although gains were capped by a correction in industrial metals, particularly copper.

Wall Street split, retail buyers bullish

Kitco's Weekly Gold Survey of 13 analysts found sentiment evenly spread: 31% expected prices to gain next week, 38% saw a decline and 31% expected sideways trade. Among 212 retail voters in Kitco's online poll, 68% looked for gold to rise, 15% predicted a fall and 18% expected consolidation. Kitco noted the week ahead brings US consumer inflation (CPI) on Tuesday, weekly jobless claims on Thursday and producer prices (PPI) on Friday.

Source: Kitco News

In the domestic market, prices could witness moderate fluctuations, with global cues, currency movements, inflation trends and festive demand around Diwali likely to influence trading, analysts told PTI. The domestic commodities market will remain closed during the morning session on Tuesday due to Diwali-Balipratipada.