Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading higher on Thursday, while the silver rate is up by 0.18%. On Multi Commodity Exchange, gold August futures were trading at Rs 59,790 per 10 grams, high by Rs 150 or 0.25%. Silver September futures were trading up by Rs 140 at Rs 76,549 per kg on MCX.
Gold prices climbed on Thursday to a nine-week peak on a weaker dollar and bets that the U.S. Federal Reserve might soon hit pause on its interest rate hiking cycle, according to Reuters. Spot gold was up 0.5% at $1,987.18 per ounce, its highest since mid-May. U.S. gold futures were up 0.4% to $1,988.80.
“We believe precious metal’s short-term trend remains positive and the price can rally further from the current level. Comex spot gold has resistance at $1993/oz. The upside will extend to $2010/oz if the price crosses resistance at the $1993 level. MCX Gold August future has support at Rs 59560 per 10 gram and resistance at Rs 60300 for the day,” Saumil Gandhi added.
U.S. Weekly jobless claims, Philly fed manufacturing index eyed
“Gold prices witnessed swings in a narrow range after inching higher by almost 1% at the start of this week. Along with volatility in the Dollar index, weak economic data points, increase in expectations that the U.S. Federal Reserve might soon hit a pause on its interest rate-hiking cycle is supporting an up-move in bullions. The dollar index hovered around the 100 mark after marking a 15-month low last week; US 10Y Yield also trades steady after inching lower in the earlier session,” said Manav Modi, Research Analyst Commodities and Currencies at MOFSL.
“The Fed is expected to raise rates by 25 bps in their meeting next week, keeping them in the 5.25%-5.5% range, CME’s fed-watch tool also shows more than 95% probability for a 25 bps rate hike in the July meeting. The European Central Bank is also expected to raise rates by 25 bps next week. U.S. housing numbers yesterday were reported weaker than expectations putting some pressure on the dollar index, focus today will be on the weekly jobless claims, forecast to rise to 242,000 from a seasonally adjusted 237,000 and Philly Fed manufacturing index,” Manav Modi added.