New Delhi, Nov 30 (PTI) Gold prices are poised to remain firm and could move closer to record highs next week as investors await key US data, Federal Reserve Chairman Jerome Powell’s speech and the Reserve Bank of India’s policy decision, analysts said. “Gold is moving out of the consolidation range as investors focus on the manufacturing and services PMI data from across regions, US jobs data and consumer sentiment,” said Pranav Mer, Vice President, EBG – Commodity & Currency Research, JM Financial Services Ltd. “Added to that will be Fed Chairman Jerome Powell’s speech on Monday, developments on 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 ₹3,654, or 2.9 percent over the past week to close at ₹1,29,504 per 10 grams on Friday. In the domestic markets, “rupee weakness and domestic demand has been a significant contributor to gold price volatility in the Indian markets. Demand from festivals, weddings and continued jewelery purchases continue to support precious metal prices in the Indian markets,” said Prathamesh Mallya, DVP – Research, Non – Agri Commodities and Currencies, Angel One. Mallya added that global central banks’ continued gold hoarding would keep the long-term outlook constructive. “Central banks have been accumulating gold for the past few years, and the trend will continue into 2026. Karthick Jonagadla, small-cap 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 known asset. pushing back against short-term relief could quickly unwind recent gains, so position size and hedging discipline are essential In international markets, Comex gold futures for December delivery rose USD 138.8, or 3.4 percent, during the week, ending at USD 4,218.3 an ounce on Friday, after trading off a CME price 11-hour halt. “The bullions remained supported by a weaker US dollar, dovish comments from some Fed officials and rising bets for an excellent 25 basis point rate cut by the US Federal Reserve,” said Pranav Mer of JM Financial Services. Silver prices Meanwhile, silver posted a spectacular week outperforming gold. 10.83 percent, over the past week, delivered ₹1.75 lakh per kilogram for the first time on Friday rose cents, to hit a record high of USD 56.45 per ounce on Friday. Echoing similar sentiments, Mer said silver’s rally was boosted by strength in industrial metals such as copper as it also hit a lifetime high on the London Metals Exchange (LME) “Silver prices gave a sharp breakout of ₹1,64,000 per kilogram. The momentum could push prices further to ₹1,90,000-2,00,000 per kg levels in the short term, he added. While hopes of rate cuts remain intact, the US dollar under pressure and safe-haven demand steady amid geopolitical uncertainties, analysts said gold could seek to retest its record highs if upcoming data bolsters easing prospects. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or brokerage firms, not Mint. We advise investors to check with certified experts before making any investment decisions. Key takeaways Anticipation of a Federal Reserve rate cut boosts gold prices. Silver significantly outperformed gold, hitting record highs. Local demand and global economic factors influence precious metal prices.