Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading lower on Monday, while the silver rate is low by 0.20%. On Multi Commodity Exchange, gold August futures were trading at Rs 58,694 per 10 grams, lower by Rs 88 or 0.15%. Silver September futures were trading lower by Rs 140 at Rs 71, 170 per kg on MCX.
Gold prices edged higher in early Asian hours on Monday after U.S. jobs data last week cast doubts over the labour market’s strength, prompting investors to be more sceptical of the Federal Reserve’s rate hike trajectory, according to Reuters. Spot gold was up 0.1% at $1,925.49 per ounce. U.S. gold futures were down 0.1% to $1,931.00 per ounce.
Gold to see a rebound
“COMEX Gold prices closed the previous week marginally higher as the NFP data on Friday led to sharp decline in the greenback. Gold prices edged lower during the first half of the week, as slightly hawkish FOMC minutes and better than expected data prompted investors to price in higher rates for 2023. Meanwhile, the ISM Services PMI unexpectedly jumped to 53.9 in June of 2023, pointing to the strongest growth in the services sector in four months, and well above expectations of 51. However, Friday’s Labour data showed signs of slowdown in the jobs marker, with NFP showing 209K job additions, the lowest since December 2020,” said Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities.
“Dollar index fell sharply following the data, while yields held ground, limiting the upside in gold prices. US CPI data will be in focus for the week, with headline inflation expected to ease to 3.1% and core to remain sticky at 5% y/y. We might see a rebound in gold prices if data surprises on the downside.” Ravindra V. Rao added.
Gold to remain volatile
“Gold and silver gained on Friday after the U.S. non-farm employment data showed a lower-than-expected growth. As per the report the U.S. non-farm payroll increased in June month by 2,09,000, well below from the May month’s job creation of 3,06,000. After the downbeat U.S. non-farm payroll data the dollar index plunged and slipped below 102 marks. Market traders expect the U.S. Fed’s flow on interest rate hikes could be slower after the downbeat job data which also supported the precious metals. However, gains were capped as the U.S.10-year bond yields are trading above 4.05%,” said Rahul Kalantri, VP Commodities, Mehta Equities.
“We expect gold and silver to remain volatile in today’s session. Gold has support at $1908-1896 while resistance is at $1932-1944. Silver has support at $22.88-22.71, while resistance is at $23.32-23.45. In INR terms gold has support at Rs 58,540-58,380, while resistance is at Rs58,970, 59,320. Silver has support at Rs70,750-70,320, while resistance is at Rs71,940–72,380.” Rahul Kalantri added.