Gold Rate Today, Gold Price in India on 24 July 2023: On Monday, gold prices fell against higher recovery in the U.S. yields. On Multi Commodity Exchange, Gold August futures were trading at Rs 59,200 per 10 grams, down by Rs 109 or 0.18%.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices fell again on Monday, while the silver rate was down by 0.42%. On Multi Commodity Exchange, gold August futures were trading at Rs 59,200 per 10 grams, down by Rs 109 or 0.18%. Silver September futures were trading down by Rs 312 at Rs 74,658 per kg on MCX.
Gold prices were little changed on Monday as investors awaited a U.S. Federal Reserve meeting this week where the central bank could signal a pause in interest rate hikes from July, according to Reuters. Spot gold was little changed at $1,960.30 per ounce. Bullion gained nearly 0.3% last week. U.S. gold futures fell 0.2% to $1,962.00.
Gold to remain volatile
“Gold prices traded steady after inching lower in the previous week as market participants remain cautious ahead of the key Federal Reserve meeting. A recovery in the dollar from 15-month lows hit earlier this month, to now hovering around the 101 mark, ahead of the Fed meeting, weighed on the safe have assets. In the previous week, U.S. Retail sales, IIP were reported weaker than expectations; however housing-related data, and weekly jobless claims data weighed on bullions. CME Fed-Watch tool continues to show more than a 95% probability for a 25bps rate hike in July and more than a 70% chance of a 25bps rate hike in September meet,” said Manav Modi, Research Analyst Commodities and Currencies at MOFSL.
“After comments from a few fed officials and weak economic data last week, there are expectations that a slowdown in the pace of the rate hike cycle might be announced in this meeting. Beyond the Fed, the ECB and the BOJ are also set to decide on monetary policy this week. Focus this week will also be on the U.S. GDP, consumer confidence data which could trigger further volatility in the market,” Manav Modi added.
Gold to remain range-bound
“Supported by the peak rate narrative, spot gold closed the week ending July 21 with a gain of 0.37% at $1961.96. However, a sharp decline in the yields was reversed to some extent in the latter part of the week. Better than expected U.S. weekly jobless claims and a surge in prices received to the highest level since January as shown by Philadelphia Fed business outlook data were instrumental in the recovery in yields. The U.S. Dollar Index recovered to reclaim the 101 mark as yields moved higher,” said Praveen Singh, Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.
“Today is global manufacturing and services PMIs day. Data from Australia and Japan have been mixed. Investors look forward to data out of the Eurozone, Germany, the UK, and the U.S. Gold is expected to remain largely range-bound ahead of the U.S. Federal Reserve monetary policy decision due on July 26. Support is seen at $1950/$1935, while resistance is at $1988/$2000,” Praveen Singh added.
Source:financialexpress.com