Gold Rate Today, Gold Price in India on September 8, 2023: Gold prices firmed; however, they were set for a weekly decline as the dollar and treasury yields held firm. Signs of sticky inflation pushed up concerns that the US Federal Reserve could maintain its hawkish rhetoric.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX Gold prices ascended on Friday, while silver rates rose 0.44%. On the Multi Commodity Exchange, gold October futures were trading at Rs 59,130 per 10 grams, up by Rs 132 or 0.22%. Silver December futures were trading up by Rs 333 at Rs 72,083 per kg on the MCX.
Gold firmed on Friday as the dollar retreated from highs but the bullion was still en route to a weekly fall as traders looked beyond a widely expected pause by the Federal Reserve this month to focus on persistently resilient US data, according to Reuters. Spot gold was up 0.3% to $1,924.98 per ounce, but set for a 0.7% weekly fall. US gold futures rose 0.3% to $1,949.
Gold to remain volatile
“In the global currency markets, gains in the US Dollar pushed the Yen to a 10-month low and drove the euro and sterling to their weakest levels in three months, thus creating uncertainty in the bullion market. Traders are awaiting the next big US economic data point for price direction. We expect gold and silver could see some short covering in today’s session. Gold has support at $1910-1898 while resistance is at $1934-1948. Silver has support at $22.88-22.72, while resistance is at $23.28-23.45 In INR terms gold has support at Rs 58,820 – 58,650. while resistance is at Rs 59,220 – 59,410. Silver has support at Rs 71,310 – 70,750, while resistance is at Rs 72,540–73,050,” said Rahul Kalantri, VP Commodities, Mehta Equities.
Gold to trade in safe haven
“Gold prices firmed but were set for a weekly decline as the dollar and treasury yields held firm, signs of sticky inflation pushed up concerns that the Federal Reserve could maintain its hawkish rhetoric. Economic data points also showed some resilience in the US economy, further sapping safe haven demand for bullions. Fed meeting; New York Fed President Williams kept his options open over the interest rate policy ahead, acknowledging an ease off in inflation and a balanced economy, suggesting there is no urgency for a rate rise later this month. China held 69.62 million fine troy ounces of gold at the end of August, up from 68.69 million ounces at end-July,” said Manav Modi, Analyst- Commodity and currency, Motilal Oswal Financial Services.
Source:financialexpress.com