Gold Price Today, Gold Price Outlook, Gold Price Forcast: MCX Gold prices slipped marginally on Thursday, while silver rates tumbled 0.32%. On the Multi Commodity Exchange, gold October futures were trading at Rs 59,460 per 10 grams, down by Rs 18 or 0.03%. Silver December futures were trading down by Rs 243 at Rs 76,037 per kg on the MCX.
Gold prices firmed near one-month highs on Thursday as a fresh set of soft US data added to expectations that the Federal Reserve will pause rate hikes this year, although inflation readings due later in the day could amend this outlook, according to Reuters. Spot gold was up 0.2% at $1,945.40 per ounce. US gold futures steadied at $1,972.40.
Traders eye US PCE price index
“Gold and Silver hit its highest in nearly a month, as weak US economic readings reinforced a view that the Federal Reserve may have to hit pause on its interest rate hikes. Benchmark 10-year yields slipped to their lowest since August 11, while the dollar dropped to a two-week low after US GDP data showed a softening of the economy in the second quarter. The fall in US job openings added to the sentiment. ADP private payroll added about 177k jobs the previous month against expectations of 195k, while the US GDP was reported at 2.1% v/s expectations of 2.4%,” said Manav Modi, Analyst, commodity and currency, Motilal Oswal Financial Services.
“CME Fed-watch tool shows that Bets on the Fed leaving rates unchanged in September rose to nearly 91%, while bets of a pause in November rose to nearly 60%, supporting the safe haven appeal of gold and silver. Investors now await the US PCE price index scheduled today and the nonfarm payrolls report tomorrow, for further clues on interest rate trajectory,” Manav Modi, added.