Gold rate outlook: Prices may trade in tight range in coming week - What will drive the trend?
Gold prices
are expected to trade in a narrow range next week as investors await key global cues, including US economic data, trade negotiations, and policy signals from central banks, analysts said.
Focus will be on Fed Chair Jerome Powell's speech and PMI data from major economies like the US, UK, and Eurozone, while the European Central Bank's interest rate decision will also be closely watched for its impact on gold prices, analysts added.
Analysts told PTI that market participants will also observe the European Central Bank's stance on interest rates to understand potential impacts on bullion values.
According to Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services, the upcoming week's focus will centre on trade discussion outcomes, Federal Reserve officials' statements, US economic data, including property market figures, weekly unemployment claims, and orders for durable goods.
"Gold prices are seen consolidating in a range over the past couple of weeks amid a lack of fresh triggers and recovery in the US Dollar in the given period," Mer told the agency.
He noted that bullion's downward movement appears restricted while attention remains on trade discussions between the US and its trading partners, such as India and China.
As the August 1 deadline approaches, trade discussion uncertainties are expected to boost gold's safe-haven appeal.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
No annual fees for life
UnionBank Credit Card
Apply Now
Undo
Additionally, domestic festival demand from August to October is anticipated to support prices, according to Mer.
In the previous week, August delivery precious metal futures increased by Rs 200 or 0.2% on the Multi Commodity Exchange.
Prathamesh Mallya, DVP-Research, Non-Agri Commodities and Currencies at Angel One, noted that gold values have increased approximately 2% over ten days in international markets, reaching USD 3,350 per ounce.
"The positive momentum in gold has been driven by the US President's tariff actions on BRICS nations and possible duties on the EU, increasing investor demand for safe-haven assets," he said.
During the previous week, September delivery silver futures achieved a new peak of Rs 1,15,136 per kilogram on the MCX.
Experts said silver is evolving into a strategic metal as supply tightens and demand from electric vehicles, solar panels, and electronics rises, setting the stage for a major rally.
"Silver is maturing from the 'poor man's gold' to a strategic metal for smart investors. With supply deficits in the world deepening and demand from EVs, solar, and electronics increasing, fundamentals are in place for a major rally," Sandip Raichura, CEO of Retail Broking and Distribution & Director, PL Capital - Prabhudas Lilladher told PTI.
"The gold-to-silver ratio of around 90X indicates space for dramatic catch-up. A weakening dollar, persistent inflation, and surging ETF flows are supporting silver's attractiveness," Raichura added.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Deccan Herald
28 minutes ago
- Deccan Herald
Bengaluru: DK Shivakumar takes Yellow Line metro trip ahead of its inauguration
Bengaluru: Deputy Chief Minister DK Shivakumar travelled by Namma Metro's Yellow Line on Tuesday, ahead of its inauguration on Sunday. .Prime Minister Narendra Modi will inaugurate the 19.15-km metro corridor on Sunday, with passenger service beginning the next day. .The Rs 7,610-crore line connects RV Road with Bommasandra via Silk Board Junction and Electronics City. Its construction was completed in late 2023, but the launch was delayed due to a shortage of trains and statutory clearances. Initially, three driverless trains will run at a frequency of 25 minutes, connecting all 16 stations. .On whether the Centre or the state decided the inauguration date, Shivakumar said Namma Metro was not a project of the union government alone. "The Chief Minister and I had requested the PM to inaugurate the Yellow Line, and he gave time now. The state has an equal share in it." .Namma Metro Yellow Line to be inaugurated by PM Modi on August 10; frequency 25 mins .The Prime Minister's Office (PMO) reportedly decided the launch date without consulting the state government, as DH reported on Monday. .Shivakumar said the inauguration will include a brief event at the Indian Institute of Management Bangalore, after which the Prime Minister, the Chief Minister and local legislators will board the inaugural train. .He said a fourth trainset would arrive later this month and frequency would improve to 20 minutes. He added that frequency would further improve to 10 minutes once more trainsets were a swipe at Bangalore South MP, LS Tejasvi Surya, Shivakumar said statutory approvals could not be rushed. He noted that the Commissionerate of Metro Railway Safety gave approval only on July 31. ."It would be better if MPs who make a lot of noise get us some funds. They don't speak a word on funds, but nitpick. We've decided to build double-deck flyovers for all metro lines in the future," he added. .Shivakumar said they would urge the Prime Minister to provide funds to acquire land for the double-decker. The BMRCL has also been directed to acquire an additional 3-4 acres of land at each metro station to establish parking facilities, he Bengaluru's traffic woes, he said: "People from across the country are migrating to Bengaluru for its good weather, Cauvery water and educational institutions."
Indian Express
28 minutes ago
- Indian Express
‘Thought we won't be poor anymore': Noida man's account credited with Rs 1 billion 13 lakh crore due to app glitch, then frozen
It was just another Sunday. Dileep Singh (20), a Class 12 dropout from Noida, decided it was time for a change. He had been using his old phone for some time, and was finally switching to a new one. He carefully transferred his SIM card into the new device, ready to set it up. But things didn't go as smoothly as expected. Once the device was on, his mobile data wasn't working. He quickly recharged his phone, reinstalled all his applications, and started logging into each of them. Then came the moment that changed everything. He opened a digital finance app. As the interface loaded and his account balance appeared, Dileep blinked in disbelief. The number on his screen didn't seem real. 'I couldn't believe it,' he said. 'It was an amount with 37 digits. The balance read: Rs 10,01,35,60,00,00,00,00,00,01,00,23,56,00,00,00,00,299. (1 billion, 13 lakh and 55 thousand crore)'. The astronomical sum meant he was richer than Forbes billionaires. 'For a few seconds, I thought, I was dreaming. Then, I informed my grandmother about it,' he said. Dileep lost his mother two months ago and his father 10 years ago. After losing his parents, he had been staying with her maternal grandmother, Maya Devi (65). 'I asked him to transfer some money from his account to someone and check. I was so happy. I thought we will not be poor anymore,' Maya Devi told The Indian Express. When he attempted to transfer the money, he could not. 'There was a message instead. Message mein tha ki koi technical issue hai bank se (The message said that there was a technical issue with the bank). After I tried transferring again, my account was frozen,' he said. Deepak said he was told by the bank that his account was frozen for a probe. According to the officers of Dankaur Police Station, a technical glitch in the digital finance app appears to have caused the app to erroneously display such an inflated account balance. 'This was likely due to a bug and only appeared within the app. Upon logging into his account through another application, Deepak's current balance showed to be zero. Further, an official bank statement was obtained via email, which also confirmed no account balance like before,' said the officer. When contacted, Station House Officer Munendra Singh confirmed that it was a bug that caused the confusion. 'We verified the claims. There is no amount in his account. We have not received any complaint from the consumer and therefore are not taking any legal action,' he said. Meanwhile, Deepak said that he had visited the bank and officials told him that his account will be recovered in two to three working days. Neetika Jha is a Correspondent with The Indian Express. She covers crime, health, environment as well as stories of human interest, in Noida, Ghaziabad and western UP. When not on the field she is probably working on another story idea. On weekends, she loves to read fiction over a cup of coffee. The Thursday Murder club, Yellow Face and Before the Coffee Gets Cold were her recent favourites. She loves her garden as much as she loves her job. She is an alumnus of Asian College of Journalism, Chennai. ... Read More
Economic Times
28 minutes ago
- Economic Times
Trump escalates threat level, says more tariff in 24 hours
Synopsis President Trump threatened to substantially increase tariffs on Indian imports due to continued Russian oil purchases, despite India's strong response and accusations of unfair targeting by the US and EU. India defends its actions as safeguarding national interests and economic security, highlighting its growing economy amid global uncertainty. Trade negotiations continue with scheduled talks in August. AP New Delhi: US President Donald Trump Tuesday threatened to 'very substantially' increase the 25% tariff on imports from India over continued purchases of Russian oil, maintaining his aggressive posture. This comes a day after New Delhi's strong response to comments by him in a similar vein over the past week or so. 'India has not been a good trading partner because they do a lot of business with us, but we don't do business with them. So we settled on 25%, but I think I'm going to raise that rate quite substantially in the next 24 hours,' Trump said in an interview to CNBC that was aired on Tuesday evening in India. The US President reiterated his claim that India has the highest tariffs. 'They're buying Russian oil and fuelling the war machine. If they are going to do that, I'm not going to be happy,' he said, adding that the main sticking point remained that India's tariffs were too high. 'With India, what people don't like to say is, they have the highest tariffs of anybody.' On Monday, India reacted strongly after Trump threatened substantial tariffs for purchasing Russian oil and 'selling it in the open market for big profits.'This is helping to fund Russia's war against Ukraine, according to Trump. India had accused the US and the European Union of unfairly 'targeting' India when they themselves were importing essential material from Russia. 'The targeting of India is unjustified and unreasonable,' the ministry of external affairs had said. 'Like any major economy, India will take all necessary measures to safeguard its national interests and economic security.' India also pointed out that the US had initially backed India's purchases from Russia 'for strengthening global energy markets stability.'Trump had last week announced a 25% duty on all Indian goods, in addition to a penalty for buying a 'vast majority' of Russian military equipment and crude oil. The US President has targeted India and Russia for their close ties and said the two can take their 'dead economies down together.' India had responded by reiterating that it will take all necessary steps to safeguard its national interest, besides pointing out that its economy — the fastest-growing major one — was a bright spot amid global uncertainty. Trump had earlier threatened an additional 10% tariff on BRICS members, which he said were aligning themselves against the US. His threats come amid the two sides negotiating a bilateral trade agreement (BTA), the first part of which is planned to be concluded by October. American trade negotiators are scheduled to visit India for the sixth round of talks on August 25-30. The US was India's largest export destination in FY25 with shipments valued at $87 billion, accounting for about a fifth of the $437 billion total.
