Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading lower on Friday, while the silver rate is up 0.03%. On Multi Commodity Exchange, gold August futures were trading at Rs 57,956 per 10 grams, lower by Rs 58 or 0.10%. Silver September futures were trading higher by Rs 19 at Rs 69,615 per kg on MCX.
Gold held near four-month lows as traders awaited key U.S. inflation numbers later in the day after a slew of strong data prints and hawkish comments from Federal Reserve officials raised bets of more rate hikes, according to Reuters. Spot gold was steady at $1,907.78 per ounce while U.S. gold futures fell 0.1% to $1,915.80.
Gold price to face corrections
“Gold price and silver price continue to inch lower and were nursing steep losses for June as strong U.S. economic data pushed up risk appetite and also increased concerns over more interest rate hikes by the Fed. A sharp upward revision in U.S. GDP data showed that the world’s largest economy was more resilient than expected, denting gold’s safe haven appeal. It also pushed up concerns that the Fed will have enough economic headroom to keep raising rates- a scenario that also heralds more pressure on gold.
“Earlier this week we also had the U.S. consumer confidence data which reported expectations above the 100 mark. Strength in the dollar – which hit a two-week high and up-move in U.S. Yields after the positive GDP data and Powell’s comments – also pressured gold rate. Also, along with the Fed, hawkish signals from the ECB and the BoE pressured the safe haven metal. Industrial metals also witnessed some pressure on the higher side, weighing further on silver prices. Focus today will be on UK GDP, EU CPI, and U.S. Core PCE price index data,” said Manav Modi, Research Analyst Commodities and Currencies, MOFSL.