Gold prices are expected to rise to near their record high levels in the upcoming week, starting Monday, 1 December 2025, as the commodity market investors focus on the upcoming US economic data, the US Federal Reserve‘s policy outcome and the Reserve Bank of India (RBI) MPC decision, reported the news agency PTI, citing analysts.
According to the agency report, the precious yellow metal is out of its consolidation range, driven by the manufacturing and services PMI data, among other indicators and consumer sentiment.
“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, told the news agency.
The commodity market expert also highlighted that the traders will be closely monitoring the data release amid the major upcoming economic decisions on key interest rates.
“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,” Mer told the news agency.
MCX Gold
According to the Multi-Commodity Exchange (MCX) data, the gold futures for the February 2026 contract rose ₹3,654 or 2.9% over the last week to close at ₹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, told the news agency.
The commodity expert also highlighted that central banks accumulating gold will keep the long-term outlook for the precious yellow metal constructive. “Central banks have been accumulating gold for the past few years, and the trend will continue going into 2026,” they said.
Karthick Jonagadla, smallcase Manager and Founder of Quantace Research, told the news agency, “For investors, gold is a clean way to express a view on the US real-rate path while staying within a familiar asset.”
The expert also said that as long as December cut odds remain elevated, the bias stays moderately positive for bullion, but any data surprise that pushes back against near-term easing can unwind recent gains quickly, so position sizing and hedging discipline are essential.
Global Gold
Comex gold futures for December delivery rose $138.8, or 3.4% in New York during the last week, finishing at $4,218.3 per ounce after Friday’s commodity market session.
“Gold prices rallied more than a per cent, after trading resumed on CME after an 11-hour outage. The bullions remained supported by a weaker US dollar, dovish commentary from a couple of Fed officials and rising bets for an eminent 25 basis points rate cut by the US Federal Reserve,” Pranav Mer of JM Financial Services told the news agency.
Silver prices
On the MCX, the silver futures surged ₹17,104, or 10.83%, over the past week. Silver for March 2026 delivery breached the ₹1.75 lakh per kilogram level for the first time on Friday.
In overseas trade, Comex silver futures for December delivery jumped by USD 6.53, or 13.09 per cent, during the week to close at USD 56.44 an ounce. It rose by USD 3.53, or 6.68 per cent, to hit a record high of USD 56.45 per ounce on Friday.
“Silver advanced and moved… to its record high amid dovish signals from Federal Reserve officials and the delayed release of key US data have strengthened confidence that borrowing costs will fall, with swap markets now pricing an 80 to 87 per cent chance of a quarter-point cut next month,” Riya Singh – Research Analyst, Commodities and Currency, Emkay Global Financial Services, said.
Echoing similar sentiments, Mer said, silver’s rally was amplified by strength in the industrial metals such as copper, as it also hit its lifetime high on the London Metals Exchange (LME).
“Silver prices have given a strong breakout above ₹1,64,000 per kilogram level and rallied sharply. The momentum can push prices further up towards ₹1,90,000-2,00,000 per kg levels in short-term, he added.
As rate-cut hopes remain intact, the US dollar under pressure, and safe-haven demand steady amid geopolitical uncertainties, analysts said gold could attempt to retest its record highs if the upcoming data reinforces the easing outlook.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Key Takeaways
- Gold prices are poised to remain firm and could edge closer to record highs next week as investors await key US data and RBI policy outcome.
- MCX gold futures for the February 2026 contract climbed by ₹3,654, or 2.9%.
- Comex gold futures for December delivery rose by USD 138.8, or 3.4 per cent, during the week.