Gold price prediction today: Where is gold rate headed & will silver outperform the yellow metal? Here's the outlook
Gold price prediction today:
Gold rates
have continued to be relatively range-bound after hitting record highs three months ago. US President Donald Trump's tariff war continues, adding to global uncertainty, yet experts are of the view that trade deals are likely to be finalized in the coming weeks.
Silver is expected to continue its bull run in the coming months, and may outperform gold in the long-term.
Naveen Mathur, Director - Commodities & Currencies, Anand Rathi Shares and Stock Brokers shares his views and recommendations for gold and silver investors:
Gold started the week slightly on a positive note after a marginal increase of 0.6% seen last week. US trading partners continued to navigate the final weeks of negotiations as Trump's patience with talks appeared to wear thin.
Rising trade tensions underscored gold's haven appeal, although investors grew increasingly less convinced about the likelihood of widespread upheaval as a trade truce looked likely before the August 1 deadline.
The yellow metal had surged by more than a quarter this year, hitting a record above $3,500 an ounce in April, as the US's aggressive and erratic trade policy enhanced its appeal as a store of value in uncertain times.
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However, the rally has stalled over the last three months as investors wait for more clarity on the eventual contours of the new trade system, and on signs they're hesitant to buy gold at such elevated levels.
Meanwhile Silver rose to the highest in almost 14 years as investors sought alternatives to a near-record gold price, with increased demand leading to tighter physical supply.
Spot silver continued to rise 1.8%, following last week's 4% increase.
The implied cost of borrowing the precious metal for one month spiked to above 6%, compared with its typical rate of nearly zero. The rise in appetite for the metal left the physical market under strain in London, where most silver is held by exchange-traded funds meaning it is not available to lend or buy.
Renewed trade tensions have helped Silver to surge dramatically, hitting $39.57 on COMEX marking the highest level since the 2011 peak of $50 and setting a new lifetime high of ₹ 1,15,136 /Kg.
in the domestic MCX futures market. The bullish breakout on the technical front, anticipated after it broke above 1 lakh mark in June, followed renewed tariff tensions between the US and its major trading partners.
Gold Price Outlook
Gold Weekly View: Sideways
Trading Range: Rs. 96,200 – 99,150 / 10 gm. CMP (Rs. 97,930 / 10 gm.)
Investors could closely watch key US economic reports due later in the session & in this week, including CPI, PPI, industrial production, & retail sales for clearer signals on the Federal Reserve's next policy decision.
The cautious stance of the US Federal Reserve (Fed) might cap any sharp upside for the yellow metal as the US central bank is widely anticipated to hold interest rates steady in July meeting. Also tariff developments & further negotiations from Euro Zone & other trading partners could keep the movement in Gold sideways as of now.
Meanwhile Silver has good potential to outperform Gold in long term perspective, driven by stronger fundamentals as the market enters its 5th consecutive year of structural deficit. However on a short term basis prices might turn volatile edging down after the strong rally seen last week only to provide fresh buying opportunities.
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