Gold price prediction today: Where are gold rates headed in the near-term? Here's the outlook

Time of India

4 days ago

Gold price prediction: Spot Gold could continue to find resistance in the zone of $ 3,385 – 3,410 per oz (CMP USD 3,350/oz) on the higher side. (AI image)
Gold price prediction today: Upside in gold rates is expected to be limited with the US-China 90-day trade truce extended and other developments on the Trump trade war front.
Maneesh Sharma, AVP - Commodities & Currencies, Anand Rathi Shares and Stock Brokers shares his views and recommendations for gold investors:
Gold prices turned volatile as a surge seen on Friday on COMEX on news of possible tariffs on imports of one-kilogram gold bars in Switzerland, threatened more turmoil in the global bullion market.
But prices retreated quickly from those record highs in the current week following the White House's announcement to address 'misinformation' surrounding potential import tariffs on gold bars. The move came amid confusion in the precious metals industry and fears that a key segment of global bullion trade could be disrupted.
Additionally US & China confirmed a 90-day extension of their trade truce this week, after several rounds of 'productive' negotiation.
Developments in US-China trade negotiations generally trended in a positive direction in recent weeks. But recent history proved trade developments can remain prolonged this year. Moving ahead trade developments in US - India remains to be watched out while on the macro front Inflationary numbers (PPI) from India & US due remain crucial to be watched to gauge trajectory of interest rate cuts in coming months.
Gold seemed to lack bullish conviction during the start of the week as traders also opted to wait for the release of the US consumer inflation figures.
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This crucial data earlier had played a key role in influencing expectations about the Federal Reserve's (Fed) rate-cut path. Heading into the key data risk ahead, the growing acceptance that the US central bank will lower borrowing costs in September kept the USD bulls on the defensive during the start of the week.
Meanwhile traders continue to price in more than 90% possibility of a 25 bps rate cut in September.
Gold Price Outlook
Gold Weekly View: Volatile
MCX Trading range (Oct Futures): Rs 99,200 – 1,01,600/10 gms. (CMP Rs 1,00,215/10 gm)
Overall the latest optimism over an extension of the US-China trade truce and the US-Russia summit aimed at ending the war in Ukraine could cap the safe-haven pair major upside warranting some caution as Spot Gold could continue to find resistance in the zone of $ 3,385 – 3,410 per oz (CMP USD 3,350/oz) on the higher side.
After the release of US CPI report which remains lighter than expected not enough to provide clarity on impact of higher tariffs despite slight rise in Core CPI numbers, attention could now also shift towards Producer Price Index (PPI) report (more closely followed by US Fed) due on Thursday, along with Retail Sales & the preliminary August reading of the Michigan Consumer Sentiment Index. These figures would be closely watched further while gold prices could witness increased volatility towards the end of the week.
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