Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX Gold prices fell on Tuesday, while the silver rates slipped as much as 0.44%. On the Multi Commodity Exchange, gold October futures were trading at Rs 59,893 per 10 grams, down by Rs 189 or 0.31%. Silver September futures were trading down by Rs 329 at Rs 75,098 per kg on MCX.
Gold prices edged lower on Tuesday as the U.S. dollar firmed, while investors looked forward to key economic data this week for signs on how long the interest rates could keep rising to quell sticky inflation, according to Reuters. Spot gold was down 0.1% at $1,963.04 per ounce, while U.S. gold futures dropped 0.4% to $1,962.90 per ounce.
“We expect gold and silver to remain volatile in today’s session. Gold has support at $1951-1940 while resistance is at $1971-1982. Silver has support at $24.44-24.25, while resistance is at $24.76-24.88. In INR terms gold has support at Rs 59,380-59,100. while resistance is at Rs 59,790-59,920. Silver has support at Rs 74,780-74,220, while resistance is at Rs 75,940–76,520,” Rahul Added.
Traders eye PMI Data
“Gold prices edged lower as the U.S. dollar firmed, while investors looked forward to key economic data this week for signs on how long the interest rates could keep rising to quell sticky inflation. Gold in the month of July posted gains of more than 2%, the biggest monthly rise in four months on rising expectations of a pause in a rate hike cycle by the major central banks globally. Fed official Goolsbee said the U.S. central bank is ‘walking the line pretty well’ on bringing inflation down without causing a recession, and will watch the data as September approaches to judge if more monetary tightening may be appropriate,” said Manav Modi, Research Analyst Commodities and Currencies at MOFSL.
“A recovery in the dollar spurred some losses in gold as data showed that U.S. credit conditions were tightening amid high-interest rates. Market this week will be keeping an eye on the PMI data from major economies and US jobs market data which could provide further clarity regarding the strength in the economy,” Manav Modi added.