Gold Price Today, Gold Price Outlook, Gold Price Forcast: MCX Gold prices ascended on Wednesday, while silver rates tumbled 0.13%. On the Multi Commodity Exchange, gold October futures were trading at Rs 59,325 per 10 grams, up by Rs 59 or 0.10%. Silver September futures were trading down by Rs 96 at Rs 74, 589 per kg on the MCX.
Gold prices on Wednesday hovered near their highest levels in three weeks after lacklustre US jobs openings and consumer confidence data assuaged bets of interest rate hikes by the Federal Reserve this year, according to Reuters. Spot gold held its ground at $1,936.59 per ounce, trading close to its highest levels since Aug. 7 hit on Tuesday. US gold futures steadied at $1,964.30.
“Gold has support at $1922-1910 and resistance at $1948-1960, while silver finds support at $24.52-24.38 and resistance at $24.82-25.00. In INR, gold’s support is at Rs 59,100 and Rs 58,950, with resistance at Rs 59,450 and Rs 59,610. For silver, support in INR is at Rs 73,910 – 73,250, and resistance at Rs 75,440 – 76,040, Rahul Kalantri added.
Traders eye US GDP, Private payroll data
“Gold inched higher hitting a three-week peak as the dollar and Treasury yields slipped amidst weak economic data points. The dollar fell against its major crosses, reversing from earlier gains, after data showed that US job openings fell in July; benchmark 10-year Treasury yields also ticked lower from 10-month highs. The downbeat Job Openings and Labor Turnover Survey and consumer confidence reports suggest the Fed may not raise rates as much as previously anticipated, and that’s supporting bullions. US consumer confidence data was reported at 106.1 against the expectations of 116, raising questions on consumer spending and overall confidence in economic activities,” said Manav Modi, Analyst, commodity and currency, Motilal Oswal Financial Services.
“The probability for a pause in September Fed meeting has also increased from 80% to 88%, according to CME Fed-Watch tool, increasing safe-haven appeal for gold and silver prices. Investors this week will keep an eye on US personal consumption expenditures price index, and nonfarm payrolls for further clues on interest rate trajectory. Today’s focus will be on US GDP and Private payroll data, which if are reported lower than expectations it could further support gains for gold and silver prices,” Manav Modi added.