Gold price prediction today: Why gold rate may remain volatile this week & should you sell or buy?
Gold price prediction today: Gold prices ended the last week down and also continued to consolidate during the entire May month below record highs touched in April. Meanwhile, spikes seen in prices in recent sessions were only on account of geopolitical developments involving Russia & Ukraine as Ukraine carried out its biggest strike on record hitting almost $7bn worth of Russian military planes.
Maneesh Sharma, AVP - Commodities & Currencies, Anand Rathi Shares and Stock Brokers shares his views and recommendations:
The yellow metal jumped almost 2% yesterday while Silver prices were boosted by 5 % due to augmented safe haven flows.
On the global trade front, US President Donald Trump lashed out at China over the weekend and accused the latter of violating a preliminary tariff agreement, reviving fears of a trade war between the world's two largest economies.
Trump also announced to double tariffs on steel imports from 25 % to 50 % while reportedly urging countries to present the most favourable trade by Wednesday in an effort to speed up discussions before reciprocal tariffs come into effect on July 8.
This also kept the dollar upside limited, keeping it below 100 since last week.
Bullion prices remained also up following Federal Reserve (Fed) Governor Christopher Waller's slightly dovish approach, saying that rate cuts remain possible later this year.
However, he warned that policymakers are mainly focused on controlling inflation.
Gold Price Outlook
This week to remain volatile and set tone in terms of new direction in prices
Overall bias for bullion still suggests limited upside for the current week as June tends to be the weakest season of the year for Gold Miners & stocks in terms of seasonal approach, leaving waning interest in markets. Meanwhile volatility could also remain high as US Fed members continue to stick to easing bias but rate cut probabilities stay delayed only after September month.
Adding to these concerns, any further escalation in Russia Ukraine conflict, with any retaliatory response from Russia warrants caution for the USD bulls and may lead to volatility in bullion prices.
Traders also look forward to the release of several macro cues including US JOLTS Job Openings along with speeches by influential FOMC members. The major focus, however, will remain on the US monthly employment details, or the Nonfarm Payrolls (NFP) report due on Friday amid steady payrolls may confirm delayed rate cut for the year.
Gold Price Weekly View: Highly Volatile (Duration 1 – 2 weeks)
Strategy: We expect limited upside in Gold for the coming week as any volatile spike towards $3420 - 3450 per oz in Spot (CMP $3358 per oz) remains a selling opportunity on a weekly basis. On MCX Aug futures (CMP Rs. 97,785 per 10 gm) prices could trade in a broad range of Rs. 99,850 – 93,980 per 10 gm for a duration of 10 – 15 trading days.
MCX Silver is expected to remain steady as compared to Gold while may trade in a broad range of Rs, 98,700 – 1,03,500 per Kg. (CMP Rs. 1,00,630 per Kg.) in July futures contract.
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