Agencies New Delhi

Gold prices are poised to remain firm and could edge closer to record highs next week as investors await key US data, Federal Reserve Chair Jerome Powell's speech and the Reserve Bank of India's policy decision, analysts said.

  “Gold moves out of the consolidation range as investors focus on the manufacturing and services PMI data from across regions, US jobs data, and consumer sentiments," Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd, said.

  “Adding to that would be Fed chair Jerome Powell's speech on Monday, developments over the Russia-Ukraine peace talks and RBI policy meeting on Friday, all of which will be closely monitored by traders,” he added. On the Multi Commodity Exchange (MCX), gold futures for the February 2026 contract climbed by Rs 3,654, or 2.9%, over the past week to close at Rs 1,29,504 per 10 grams on Friday.

 “In the domestic markets, rupee’s weakness and local demand have been a significant contributor to gold price volatility in the Indian markets. Demand from festivals, weddings and continued jewellery purchases continues to support precious metal prices in the Indian markets,” Prathamesh Mallya, DVP- Research, Non-Agri Commodities and Currencies, Angel One, said. 

  He added that global central banks' sustained gold accumulation would keep the long-term outlook constructive. "Central banks have been accumulating gold for the past few years, and the trend will continue going into 2026.  Karthick Jonagadla, smallcase Manager and Founder of Quantace Research, said: "For investors, gold is a clean way to express a view on the US real-rate path while staying within a familiar asset.”