Gold and silver are expected to prolong their record-setting surge in the coming week as traders turn their attention to a heavy line-up of global inflation data and macroeconomic indicators that will shape central bank policy expectations, analysts said. The focus will be on inflation prints from India, the US, Europe and the UK, along with provisional manufacturing and services PMI readings across major economies.In the US, investors will also monitor non-farm payroll and weekly jobless claims data, housing indicators and consumer sentiment surveys, all of which could influence bullion prices in the near term.“Gold and silver’s momentum will remain positive as (traders) focus on key data from China, followed by inflation numbers from India, the US, and the UK, along with provisional manufacturing/ services PMI data from across regions,” said Pranav Mer, Vice President, EBG – Commodity & Currency Research, JM Financial Services.On the Multi Commodity Exchange (MCX), gold futures rose Rs 3,160, or 2.42 per cent over the past week, closing at record levels. “Gold prices continued their positive momentum after Fed rate cuts, and liquidity boost measures. However, the central bank maintained a cautious tone, signalling it would wait for more data before additional easing. This stance triggered a sharp sell-off in US treasuries and pressured the dollar index, which in turn helped gold prices,” Mer added, PTI quoted.He also noted that geopolitical tensions between the US and Venezuela, along with concerns over unwinding of yen carry trades ahead of the Bank of Japan’s expected 25-basis-point rate hike on December 18, have boosted gold’s safe-haven appeal. On Friday, MCX gold touched a lifetime high of Rs 1,35,263 per 10 grams, aided by a weaker dollar and strong investor buying.Pankaj Singh, smallcase manager and SmartWealth AI Founder and Principal Researcher, said the rupee’s recent depreciation has amplified domestic gold returns. “Gold prices extended their upward momentum last week, as the rupee fell to record lows against the US dollar amid trade frictions, tariff uncertainty, and persistent capital outflows. The currency’s weakness continues to reinforce gold’s role as an foreign exchange hedge for Indian investors,” he said, adding that the medium-term outlook remains constructive.Internationally, Comex gold futures gained USD 85.3, or 2.01 per cent last week. “Gold extended its gains as the US Treasury and the dollar softened after the Federal Reserve’s third consecutive 25 basis point rate cut, signalling potential further easing in 2026 despite internal dissent,” said Riya Singh, Research Analyst, Commodities and Currency, Emkay Global Financial Services.Silver, too, continued its rally, marking a third consecutive week of gains. MCX silver futures climbed Rs 9,443, or 5.15 per cent, to hit an all-time high of Rs 2,01,615 per kg on Friday before easing on profit booking. Overseas silver futures jumped USD 2.95, or 5 per cent, breaching USD 65 per ounce for the first time.“Silver prices surged to yet another all-time high on Friday, breaching past Rs 2,00,000-level in the domestic market. However, the metal pared gains in a sharp sell-off of more than 4 per cent during the US trading session,” Mer said.Riya Singh added that investor participation remains strong. “India continues to see record ETF participation, while China’s silver market shows elevated speculative interest, with Shanghai trading volumes returning to levels seen during past supply squeezes,” she said.According to her, silver remains supported by falling yields, ample liquidity, central-bank buying, ETF inflows and firm industrial demand from solar and electronics. “The volatility may persist, unless US monetary expectations shift meaningfully, precious metals are poised to retain an upward bias into early 2026,” she added.Mer said silver is likely to stay bullish in the near term. “Silver prices look positive and may move further up towards Rs 2,25,000-2,40,000 per kilogram level,” he said.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)