Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX Gold prices slipped marginally on Thursday, while silver rates fell 0.20%. On the Multi Commodity Exchange, gold October futures were trading at Rs 58,928per 10 grams, down by Rs 45 or 0.08%. Silver September futures were trading down by Rs 142 at Rs 69,830 per kg on MCX.
Gold prices hovered near one-month lows on Thursday, as investors braced for the make-or-break U.S. inflation data that would shape the Federal Reserve’s upcoming interest rate decisions, according to Reuters. Spot gold edged up 0.2% at $1,918 per ounce, but hovered near its lowest level since July 10 hit on Wednesday. U.S. gold futures were flat at $1,950.80.
“We expect gold and silver to remain volatile in today’s session. Gold price has support at $1904-1895 while resistance is at $1928-1940. Silver has support at $22.51-22.36, while resistance is at $22.84-23.05 In INR terms gold has support at Rs 58,780 – 58,620, while resistance is at Rs 59,210 – 59,480. Silver price has support at Rs 69,480 – 68,920, while resistance is at Rs 70,540–71,040,” Rahul Kalantri added.
Traders eye US inflation report
“COMEX Gold rate extended losses on Thursday and closed at $1950.6 per troy ounce, as dollar index and treasury yields pared some of the early losses. Gold prices steadied in early Asian trading ahead of key US inflation figures, which are expected to give a clearer indication of the Federal Reserve’s next interest rate moves. Fed officials in their latest comments gave mixed cues with most of them supporting for a pause, so as to gauge the impact of the most aggressive tightening in decades. The US inflation report due later today is expected to show that the consumer price index increased at a 3.3% annual pace in July, marking the first acceleration since June 2022,” said Ravindra Rao, CMT, EPAT, VP – Head Commodity Research, Kotak Securities.
“The core measure, which strips out volatile food and energy prices is expected to ease slightly to 4.7%. Signs of easing inflation might prompt a recovery in bullions on expectations of Fed pausing the rates in September. However, the recent rally in energy prices are posing an upside risk to the inflation outlook, which might warrant restrictive rates for longer time,” Ravindra Rao added.