Gold prices are expected to witness a phase of consolidation in the coming week as investors focus on fresh global economic data, commentary from central bankers and evolving geopolitical developments, according to analysts.Traders will keep a close watch on US housing numbers, consumer price data from the UK and Eurozone, and provisional PMI releases from major economies, PTI reported. In addition, markets will track European Central Bank President Christine Lagarde’s speech and US Federal Reserve Chair Jerome Powell’s address at the Jackson Hole Symposium, which are likely to shape bullion’s near-term trajectory.“Gold prices are likely to see some consolidation/correction in the coming week as focus now remains on the incoming US macroeconomic data and the Federal Reserve’s meeting next month with interest rate cuts in focus,” said Pranav Mer, Vice President, EBG – Commodity & Currency Research, JM Financial Services. He added that safe-haven demand has eased after Washington and Beijing agreed to extend trade negotiations for another 90 days.Mer pointed out that while weaker US data has underlined slowing economic activity, firm producer and import price readings have kept inflation concerns alive, leaving Fed officials divided on the timing of rate cuts. Progress in US-Russia talks over the Ukraine conflict also reduced safe-haven buying, though discussions ended without a conclusion.On the Multi Commodity Exchange (MCX), the most-traded October gold futures contract declined Rs 1,648 per 10 grams, or nearly 2 per cent, last week. Prathamesh Mallya, DVP-Research, Non-Agri Commodities and Currencies at Angel One, told PTI that prices slipped from highs of Rs 1,02,000 to lows of Rs 1,00,000 per 10 grams after US President Donald Trump clarified that gold imports into the US would not face tariffs, denting upside momentum.Mallya added that developments in US-Russia discussions will be critical, cautioning that any move towards higher tariffs on India could weigh on macroeconomic sentiment and lift gold demand in the near term.On Comex, December gold futures ended lower at $3,382.60 per ounce in New York on Saturday.Manav Modi, Analyst – Precious Metal Research, Motilal Oswal Financial Services, said gold lost ground last week as safe-haven demand eased amid shifting geopolitical and economic developments. He noted that prices briefly rallied after confusion over potential US tariffs on Swiss gold but retreated once the White House clarified the reports were inaccurate.Modi added that optimism around a possible ceasefire in Ukraine after a meeting between US President Trump and Russian President Vladimir Putin in Alaska, alongside an extension of the US-China tariff truce, further capped safe-haven buying. On the supportive side, however, a weaker dollar and rising expectations of a September US rate cut helped cushion losses. “Soft inflation data spurred dovish bets and Treasury Secretary Bessent hinted at a deeper 50-basis-points reduction,” Modi said.Physical gold demand in Asia, a key seasonal driver, remained subdued due to high prices, he added. Investors are now expected to focus on US PMI data, Powell’s Jackson Hole speech, and further signals from Washington-Moscow talks.Analysts said the overall near-term outlook for gold will hinge on how upcoming data and central bank commentary shape market sentiment.