Precious metal prices are expected to witness mixed movement next week as investors track developments in the US-Iran conflict, string of global economic data releases, and domestic political cues, analysts said.

Traders will closely monitor PMI readings from major economies early in the week, followed by US labour market indicators and non-farm payroll data later in the week for fresh cues on monetary policy and bullion demand, they added.

"In the week ahead, precious metal prices momentum is expected to remain mixed with focus on developments on the US-Iran tussle and follow-up on peace talks," Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd, said.

On the Multi Commodity Exchange (MCX), gold futures declined ₹1,347, or nearly 1 per cent, to close at ₹1.51 lakh per 10 grams. Silver, however, outperformed and gained ₹879 to settle at ₹2.50 lakh per kilogram during the past week.

"Gold traded largely range-bound last week, ending with a negative bias of closing at ₹1.51 lakh per 10 grams on the MCX," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.

Despite the weak close, the metal showed resilience with a recovery from lower levels, primarily supported by profit booking in crude oil during the latter half of the week, which eased inflationary concerns and lent support to bullion, he added.

In the international markets, Comex gold futures declined $96.4, or 2.03 per cent to end at $4,644.5 per ounce over the past week, while silver fell nearly 1 per cent to close at $75.84 per ounce in New York.

Mer said bullion prices weighed by a shift in investor preference towards risk assets such as equities and caution from key central bank's over inflationary pressures linked to elevated crude oil prices. Exchange Traded Fund investors remained net sellers in the previous week, while the latest weekly holdings data is scheduled for release on Monday.

On the demand front, gold demand remained mixed last week amid volatile global prices and a weaker rupee kept buyers away, and same was case across other centres, he added.

Jateen Trivedi said that rupee movement will remain a key driver, and any appreciation in the Indian currency could exert downward pressure on domestic gold prices even if the yellow metal holds firm globally.

Additionally, upcoming state election outcomes may also introduce short-term volatility in the rupee and overall market sentiment, he added.

Published on May 4, 2026