Gold prices are expected to remain range-bound in the upcoming week as traders await clearer indications regarding the ongoing negotiations between the US and Iran. In contrast, analysts suggest that silver may maintain a positive outlook amid ongoing geopolitical uncertainties and high energy prices.
In addition to geopolitical developments, investors will be monitoring US housing data, GDP figures, consumer confidence, and Personal Consumption Expenditure (PCE) inflation data for insights into the Federal Reserve’s future policy direction.
“Gold price momentum looks sideways for the next week, while silver appears positive due to the focus on peace negotiations between the US and Iran to resolve the conflict,” stated Pranav Mer, Vice President of Commodity & Currency Research at JM Financial Services Ltd.
It is worth noting that domestic futures markets will be closed during the morning session on Thursday in observance of Bakri Id.
Gold futures recorded a slight increase to close the previous week at ₹1.58 lakh per 10 grams, while silver prices dipped to ₹2.71 lakh per kilogram on the Multi Commodity Exchange (MCX). Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, reported that gold traded in a constrained manner last week, posting modest gains of approximately 0.40 percent to settle near ₹1,58,670 per 10 grams.
During the week, crude oil experienced sharp profit-taking, witnessing a nearly 7 percent drop from higher levels, which alleviated some global inflation concerns. Trivedi added that the Indian rupee strengthened from a low of 97 against the US dollar to around 95.70, curtailing upward momentum in domestic gold prices despite stable international bullion trends.
Internationally, Comex gold futures declined by 1 percent, closing the week at USD 4,523.2 per ounce, while silver fell nearly 2 percent to USD 76.20 per ounce. “Gold prices have been consolidating over the last few sessions but ended the week with a slight loss. Prices have remained steady amid a lack of fresh direction from either economic indicators or developments related to the US-Iran conflict,” Mer explained.
Volatility in crude oil prices has continued due to inconsistent statements from both American and Iranian officials. In a statement on Truth Social, President Donald Trump mentioned that Washington and Tehran were nearing a broad agreement aimed at reducing tensions in the Gulf region and potentially reopening the Strait of Hormuz. However, Iranian media disputed Trump’s assertion, claiming that control over the strategic waterway would remain with Tehran.
Analysts have observed that conflicting narratives from both parties have made investors cautious, leading to increased sensitivity in bullion prices to news from the region. Traders are also advised to closely watch remarks from Federal Reserve officials as Kevin Warsh officially took over as the head of the US central bank last Friday amidst a backdrop of geopolitical tension, volatile market conditions, and persistent inflation pressures.
Published on May 24, 2026
