Gold price prediction today: Where is gold rate headed & is silver a better bet compared to yellow metal right now? Here's the outlook
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Over the next few days silver may be the preferred option compared to gold, say experts.
Naveen Mathur, Director - Commodities & Currencies, Anand Rathi Shares and Stock Brokers shares his views and recommendations for gold investors:
Gold price continued to face hurdles near $3350 since last week after the precious metal edged lower since last week as the US June Nonfarm Payrolls (NFP) report altered the US Federal Reserve (Fed) policy expectations.
The US NFP came in stronger than expected, rising by 147,000 jobs in June from 144,000 in May (revised from 139,000). Additionally, the Unemployment Rate held steady at 4.1% in June. These reports indicated continued labor market resilience, reducing the possibility of the Fed's near-term monetary accommodation. This, in turn, underpins the US Dollar (USD) and exerts some selling pressure on the non-yielding assets like Gold.
On the other hand, renewed geopolitics saw Israel military attacking Houthi targets at three ports and a power plant in Yemen. Defence Minister Israel Katz confirmed the attack, saying they were carried out due to repeated attacks by the Iranian-backed rebel group on Israel. However the same failed to bring in additional upside in prices.
Traders brace for the Federal Open Market Committee (FOMC) Minutes later on Wednesday for fresh impetus.
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Gold traders could also closely monitor the developments surrounding tariff policies amid renewed geopolitical tensions seen in the Middle East.
Many major US trading partners are seen hurrying to secure deals, with Commerce Secretary Howard Lutnick telling reporters on Sunday that country-by-country tariffs will take effect August 1. While an interim accord with India was also expected to be reached, trade related uncertainties are seen easing in weeks ahead.
US President Donald Trump's consistent tariff threats have temporarily muted demand for the yellow metal while supporting the demand for the Greenback. The president has announced new tariffs on countries, with Japan at 25% and South Korea at 30% standing out. He has also given a new deadline, August 1, instead of July 9.
Overall broad trend could remain sideways to cautious at higher levels amid Fed meeting minutes due Wednesday night could remain the next major trigger which may also provide clues on timing of rate cuts with most members seen to favor rate cuts starting September.
On the other hand, Silver could remain a preferred bet for coming month as compared to gold as Silver-backed ETFs now stand at the highest since mid-2022, after enjoying net inflows for the past eight weeks witnessing the longest run in almost a half-decade
Gold Price Outlook
Gold Price Weekly View: Sideways to Downside
Spot Gold could broadly trade in a narrow range of $ 3350 – 3270/oz (CMP $ 3310) till next week as most trade related uncertainties are seen easing now while US macro cues could remain in focus ahead.
On MCX this could translate to a trading range of Rs 97,650 – 95,230 / 10 gm in Aug futures contract.(CMP Rs 96,460 / 10 gm)
(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)
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