Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold price fell on Friday, while the silver rate is down by 0.21%. On Multi Commodity Exchange, gold August futures were trading at Rs 59,508 per 10 grams, down by Rs 44 or 0.07%. Silver September futures were trading down by Rs 159 at Rs 75,290 per kg on MCX.
Gold prices were set on Friday for a third consecutive weekly gain, underpinned by hopes that the U.S. Federal Reserve will pause interest rate hikes after its July meeting, according to Reuters. Spot gold was little changed at $1,970.20 per ounce, but has gained 0.8% so far this week. On Thursday, the metal slipped from a two-month high as the dollar and bond yields climbed on stronger-than-expected U.S. labour market data. U.S. gold futures gained 0.1% to $1,972.30.
“From a technical perspective, we believe gold prices can move higher after a minor correction. Comex gold’s short-term trend remains positive until the price holds above $1945/oz. For the day, Comex gold has first support at $1960/oz, then $1945/oz, and resistance at $1993/oz. MCX Gold August future has support at Rs 58980 per 10 gram and resistance at Rs 59650,” Saumil Gandhi added.
Traders eye UK retail sales data
“Gold prices slipped from a two-month high as the dollar and bond yields ticked higher, although hopes for a pause in rate hikes by the U.S. Federal Reserve after the July meeting limited the decline. The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, touching the lowest level in two months amid labour market tightness and defying efforts by the U.S. Fed to slow demand. However, Philly fed manufacturing was reported lower than expectations capping some losses for the metal. The Fed is expected to raise rates by 25 basis points (bps) in a July 25-26 meeting next week, keeping them in the 5.25%-5.5% range until cuts are seen from 2024 onwards, per CME’s Fed watch tool,” said Manav Modi, Research Analyst Commodities and Currencies at MOFSL.
“UK consumer inflation data missed estimates on Wednesday, spurring bets that the Bank of England was close to ending its rate hike cycle. The reading followed similar declines in U.S. inflation seen last week, which ramped up bets that the Federal Reserve was also close to hitting peak interest rates for the year. Focus today will be on the UK retail sales data,” Manav Modi added.