New Delhi, Jan 3 (NationPress) As we step into 2026, gold and silver have experienced significant fluctuations following a remarkable rally in 2025, according to analysts on Saturday. The overall outlook for these precious metals continues to be encouraging.

Gold futures for February delivery saw a slight decline of 0.04%, concluding at Rs 1,35,752 on MCX last Friday. The closing price for 10 grams of 24-carat gold was Rs 1,34,782, a rise from Rs 1,33,195 at the end of the previous year, as reported by the India Bullion and Jewellers Association (IBJA).

According to Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, Comex gold had surged around $70 to near $4,385, bolstered by growing expectations of a US Federal Reserve rate cut. However, the recent trading sessions have displayed considerable volatility due to profit-taking at elevated levels, partly instigated by increased margin requirements.

Investors are keenly awaiting insights from crucial US economic indicators next week, such as the ADP Non-Farm Employment, non-farm payrolls, and the unemployment rate, all of which may introduce further volatility.

Gold experienced a remarkable surge of nearly 66%, exceeding $4,500 per ounce, while silver outperformed with a staggering 171% increase, driven by safe-haven demand, aggressive central bank purchases, and growing industrial supply shortages.

Recent sharp corrections were primarily attributed to profit-taking and margin hikes; however, these declines swiftly drew buying interest, supported by renewed expectations of Fed rate cuts, persistent geopolitical risks, and sustained demand for tangible assets.

Analysts project that gold will fluctuate within a broad range of Rs 1,34,000 to Rs 1,40,000 in the near future.

MCX gold demonstrated robust support within the Rs 135,000 to Rs 134,000 range, with resistance levels identified at Rs 136,500 to Rs 138,000, according to Ponmudi R, CEO of Enrich Money.

Gold is anticipated to yield consistent, albeit moderated, gains, with the potential to approach $5,000 amidst easing monetary conditions, continued ETF inflows, and heightened demand for risk-hedging globally, he forecasted.

Silver's long-term prospects appear even more robust, underpinned by ongoing supply deficits and increasing demand from the solar, electric vehicle, AI, and electronics sectors, although near-term volatility due to dollar strength remains a possibility.