Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX Gold prices fell modestly on Friday, while the silver rates slipped 0.33%. On the Multi Commodity Exchange, gold October futures were trading at Rs 59,392 per 10 grams, down by Rs 40 or 0.07%. Silver September futures were trading down by Rs 236 at Rs 72, 286 per kg on MCX.
Gold prices looked set to post their worst week in six on Friday as investors braced for a closely watched U.S. jobs report after a string of solid economic data this week drove Treasury yields to nine-month highs, according to Reuters. Spot gold was little changed at $1,935.07 per ounce, while U.S. gold futures rose 0.1% to $1,970.30.
“We expect gold prices to consolidate in a lower range before the outcome of U.S. Nonfarm payroll data, and post-data volatility is likely to expand. From a technical perspective, the short-term trend in gold remains moderately bearish until it trades below the $1970 level, and the downside will extend to the $1910 level once the price breaks support at $1925. The MCX Gold October future has support at Rs 58,770 and resistance at Rs 59,810,” Saumil Gandhi added.
Gold might see a rebound
“COMEX Gold prices extended declines for the third straight day and closed at $1968.8 per troy ounce, amid a rise in the 10-year U.S. treasury yields, raising the opportunity cost for the non-yielding bullions. A deluge of treasury sales coupled with Fitch ratings downgrade of U.S. sovereign debt has added to the upside pressure on the yields. The yellow metal is also poised for the biggest weekly decline in six, as recent U.S. economic data showed signs of economic strength. The focus will be on the U.S. jobs report due later today, which could offer clues on the outlook for the Federal Reserve’s next policy move,” said Ravindra Rao, CMT, EPAT, VP – Head Commodity Research, Kotak Securities.
“Analysts expect job additions of more than 2,00,000 jobs in July. Though that would be the weakest print since the end of 2020, it’s still a historically strong growth. Better than expected data might add wagers for a September hike and might weigh down on bullions prices, else we might see a rebound,” Ravindra Rao added.