Gold and silver are expected to remain range-bound for a second week as investors evaluate ongoing developments in US-Iran peace negotiations alongside global macroeconomic indicators, analysts suggest.
Traders will focus on inflation data from China, Germany, and the United States, as well as GDP figures from the Eurozone and the UK, expected later this week.
“Gold prices show a consolidative momentum, while silver appears to have a positive outlook for the coming week, as traders pay close attention to the progress in US-Iran peace talks aimed at ending the conflict,” stated Pranav Mer, Vice President of EBG – Commodity & Currency Research at JM Financial Services Ltd.
On the Multi Commodity Exchange (MCX), gold futures rose by Rs 1,178, nearly 1%, over the past week, closing at Rs 1.52 lakh per 10 grams. Silver saw a significant increase, climbing Rs 10,985 or 4.4%, to finish at Rs 2.61 lakh per kg.
“Gold maintained a positive tone last week, gaining almost 1% on MCX and settling around Rs 1.52 lakh per 10 grams,” noted Jateen Trivedi, VP Research Analyst in Commodity and Currency at LKP Securities. He added that the recent correction in crude oil prices, following a reduction in geopolitical risk premiums, has also bolstered sentiment for bullion.
Trivedi also pointed out that lower US Treasury bond yields and a weaker dollar index contributed to gold’s stability despite market volatility.
In the international market, Comex gold futures rose nearly 2% last week, closing at USD 4,730.7 per ounce, while silver advanced by 5.8%, reaching USD 80.86 per ounce.
“Gold prices traded steadily, showing a consolidation pattern throughout the week; however, the overall momentum remained positive due to a dip in the dollar and reports hinting at a potential peace deal framework to conclude the US-Iran conflict,” said Pranav Mer.
Silver recorded robust gains for the second consecutive week, benefiting from renewed copper buying, a weaker US dollar, and indications of supply constraints in the global market.
The World Gold Council noted that bullion was further supported by ongoing central bank purchases and renewed inflows into global exchange-traded funds.
However, precious metal prices faced uncertainty on Friday, as gains were limited by signs of escalating conflict following clashes between US and Iranian forces in the Persian Gulf, according to Mer.
Concurrently, the United Arab Emirates experienced renewed attacks; however, President Donald Trump reassured markets by stating that “a ceasefire was still holding.” Analysts and investors will closely monitor developments regarding President Trump’s anticipated visit to China and the forthcoming Senate vote on Federal Reserve Chair nominee Kevin Warsh.
In the domestic market, updates on inflation, trade numbers, and currency fluctuations will also play crucial roles in influencing bullion prices in the coming week.
Published on May 10, 2026.
