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Gold price prediction today: Gold rates are likely to see a limited upside in the coming days as greater clarity on US President Donald Trump’s trade policies emerges. Maneesh Sharma, AVP – Commodities & Currencies, Anand Rathi Shares and Stock Brokers shares his views and recommendations for gold silver investors:Gold faced four consecutive sessions of losses after rising in the initial half of last week, as the newly announced US-EU trade deal sapped demand for safe-haven assets. The US and the EU on Sunday reached a broad agreement that includes a 15% tariff on most European goods, while the US & China, the world’s two largest economies, extended their tariff truce by another three months.The risk-on sentiment weighed on the yellow metal, a traditional safe-haven asset. Meanwhile, the ECB held rates steady, while US corporates earning for Q2 continued to surpass expectations last week. Gold had reversed its gains seen in the initial half of last week and had returned to the sideways range that has dominated since late April.On the currency front, the dollar rallied and bounced from near 3 year lows seen earlier in the month on trade deal optimism as safe haven Yen continued to find buyers at lower levels for the fourth consecutive day as it climbed to a one-and-a-half-week high in early session today, around the 148.70 area.
Gold Price Outlook
Weekly View: Gold: Sideways to Limited upsideMCX Trading range (Oct futures): Rs 99,850 – 96,900 per 10 gm. (CMP Rs 98,700 per 10 gm)Investors brace for a busy week, featuring a Federal Reserve policy meeting followed by Bank of Japan on Thursday and a slew of economic data releases from the US. The Fed is widely expected to keep rates unchanged, but investors should closely watch for any signals of a potential rate cut in September, while rate hike signals from BoJ could also remain to be closely scrutinized.Overall, the Dollar Index looks likely to strengthen further from current levels with Yen likely to weaken against dollar on diminishing odds for an immediate interest rate hike by the Bank of Japan (BoJ). Also cooling inflation in Japan and domestic political uncertainty, could weigh on the JPY and support the USD/JPY pair.Key upside levels for the dollar are expected at $99.80 – 101.50 (CMP 98.80). This may remain a potential trigger for limited upside in precious metals complexes in the current week. Gold in spot markets might see a trading range of $3,345 – 3,275 per oz (CMP $3,322/oz) for 1 – 2 weeks perspective. Attention will also be on key labour market indicators, including ADP employment & nonfarm payrolls. The PCE price index, the Fed’s preferred measure of inflation, will also be monitored for any signs of upward pressure stemming from tariffs which could remain a negative trigger for gold prices.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
Source: Times of India
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