Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading lower on Monday, while the silver rate is down 0.24%. On Multi Commodity Exchange, gold August futures were trading at Rs 59,660 per 10 grams, down Rs 125 or 0.21%. Silver July futures were trading lower by Rs 178 at Rs 73,881 per kg on MCX.
Globally, the yellow metal prices were bound to post their biggest monthly rise in four on Monday, helped by growing expectations that major central banks may be nearing the end of current monetary policy tightening cycles in their fight to rein in inflation, according to Reuters. Spot gold was down 0.2% at $1,956.02 per ounce, while U.S. gold futures slipped 0.3% to $1,955.40 per ounce.
“We believe gold rate will consolidate in a broader range with a negative bias. Comex Gold has support at $1939 and resistance at $1975 for the day. The MCX Gold October future has support at Rs 59,180 and resistance at Rs 59,850,” said Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities.
Gold prices range-bound
“Gold price kept to a range as investors awaited more major cues on the U.S. economy this week. Data last week showed annual U.S. inflation rose at its slowest pace in more than two years in June, cementing expectations that the Fed was closer to ending its fastest interest rate hiking cycle since the 1980s. Two ECB policy makers raised the prospect of an end to the ECB’s steepest and longest string of interest rate rises, as the outlook for the euro zone economy worsened despite stubbornly high inflation.
“Markets are banking on an eventual pause in the Fed’s rate hike cycle this year, which is expected to benefit gold. GDP, labour market positive. Core PCE above 4%, increasing belief for a rate hike while CME Fed-Watch has another story to tell. This was also shown by a wide divergence between gold futures and the spot price. Meanwhile, Minneapolis Fed official Kashkari said that future rate hikes will be largely data-dependent, and that the labor market was due for some cooling this year; he also said the outlook for inflation appeared positive. Chinese physical gold premiums rose to a four-month high last week on robust demand, while a price retreat fuelled a slight recovery in purchases in India. Focus today will be on EU CPI, GDP data,” said Manav Modi, Research Analyst Commodities and Currencies at MOFSL.