Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX Gold prices slipped marginally on Monday, while silver rates fell 0.24%. On the Multi Commodity Exchange, gold October futures were trading at Rs 58,875 per 10 grams, down by Rs 31 or 0.05%. Silver September futures were trading down by Rs 170 at Rs 69,806 per kg on MCX.
Gold prices fell to their lowest level in more than five weeks on Monday as the dollar and bond yields strengthened ahead of the US Federal Reserve’s July meeting minutes this week that could guide expectations on future interest rates, according to Reuters.Spot gold was down 0.1% at $1,912.13 per ounce, hitting its lowest level since July 7. US gold futures also slipped 0.1% to $1,944.10.
“A slew of Chinese data, US Retail sales and FOMC meeting minutes will be in focus for the week. July FOMC meeting was slightly dovish and thus minutes might also show that the majority of Fed officials were encouraged by the progress on disinflation, but not convinced that the rate hike cycle is not over yet. We expect gold prices to show some recovery on the back of dovish meeting minutes, however, the upside might be limited owing to a stronger greenback which received a fresh boost from China’s worsening property market,” Ravindra Rao added.
Gold to remain volatile
“Gold and silver prices plunged last week as U.S. economic data continues to support the Federal Reserve’s monetary policy tightening bias and strength in the dollar index. The dollar index gained after U.S. PPI surged larger than expected in July month and pushed gold and silver prices lower. However, the US CPI data was in line with expectations and the US jobless claims also surged last week which supported both the metal prices. Gold and silver are trading at their make or break levels and could see further weakness in the upcoming sessions, but if they hold their key support levels then short covering could be seen,” said Rahul Kalantri, VP Commodities, Mehta Equities.
“We expect gold and silver to remain volatile in today’s session. Gold has support at $1900-1888 while resistance is at $1922-1935. Silver has support at $22.48-22.31, while resistance is at $22.84 – 23.05 In INR terms gold has support at Rs 58,670 – 58,450, while resistance is at Rs 59,210 – 59,480. Silver has support at Rs 69,410 – 68,820, while resistance is at Rs 70,540 – 71,040,” Rahul Kalantri added.