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Time of India
20 hours ago
- Business
- Time of India
Gold Price Prediction: How to trade ahead of Fed chief Jerome Powell speech
After an overall decline in the last week, Gold August futures contracts at MCX opened higher by Rs 243 or 0.25% at Rs 96,118/10 g after uncertainties around US President Donald Trump's tariffs linger. Supported by safe-haven buying, silver July futures contracts also opened slightly higher by Rs 164 or 0.17% at Rs 97,179/kg. On Friday, gold and silver settled on a weaker note in the domestic and international markets. Gold August futures contract settled at Rs 95,875 per 10 grams with a loss of 0.61%, and silver July futures contract settled at Rs 7,015 per kilogram with a loss of 0.83%. Gold and silver showed very high price volatility and plunged last week amid a rebound in the dollar index and the U.S. President Trump's statements on China, trade tariffs and the Russia-Ukraine war. The dollar index rebounded from 1-month lows last week and pushed gold and silver prices lower. Today, the US Dollar Index, DXY, was hovering near the 99.31 mark, falling 0.02 or 0.02%. Live Events U.S. President Trump said in his tweet that China is violating trade agreements and also issued a threat to the Russian President for their aggression against Ukraine. The Federal court order for blocking Trump's tariff plan was also stayed by a 9-judge bench, which also pressured precious metal prices. 'Investors and traders are also looking cautious amid global uncertainties and ahead of the U.S. Fed Chairman's speech on Monday,' said Manoj Kumar Jain of Prithvifinmart Commodity Research. 'We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, geo-political tensions and ahead of the U.S. Fed Chairman's speech; gold prices could hold its support level of $3,180 per troy ounce and silver prices could also hold $31.80 per troy ounce levels on a weekly closing basis this week,' he added. How to trade gold? Manoj Kumar Jain suggested the following ranges for gold and silver on MCX: Gold has support at Rs 95,440-95,100 and resistance at Rs 96,250-96,660 Silver has support at Rs 96,350-95,500 and resistance at Rs 97,800-98,450 Jain cautioned that he expects very high price volatility in gold and silver in today's session ahead of the Fed Chairman's speech. Gold rates in physical markets Gold Price today in Delhi Standard gold (22 carat) prices in Delhi stand at Rs 57,112/8 grams while pure gold (24 carat) prices stand at Rs 60,840/8 grams. Gold Price today in Mumbai Standard gold (22 carat) prices in Mumbai stand at Rs 57,880/8 grams while pure gold (24 carat) prices stand at Rs 61,728/8 grams. Gold Price today in Chennai Standard gold (22 carat) prices in Chennai stand at Rs 57,032/8 grams while pure gold (24 carat) prices stand at Rs 60,800/8 grams. Gold Price today in Hyderabad Standard gold (22 carat) prices in Hyderabad stand at Rs 56,816/8 grams while pure gold (24 carat) prices stand at Rs 60,608/8 grams. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
News18
2 days ago
- Business
- News18
Gold Price Prediction: Will Gold Hit Rs 1,10,000 Per 10 grams? Here's What Experts Say
Last Updated: Gold and silver saw sharp volatility on Thursday, initially falling after a US Federal Court blocked Trump's tariff plan; Good time to invest? Gold Price Prediction: Investors booked profits in gold on Friday, May 30, as June MCX gold futures opened lower by Rs 592, or 0.62%, at Rs 94,797 per 10 grams, amid concerns about Trump-era tariffs and volatile trade. This was despite supportive preliminary GDP data showing an economic contraction, which had earlier boosted gold's safe-haven appeal. Analysts remain bullish on gold, projecting a potential rise to Rs 1,10,000 per 10 grams within a year, citing gold's consistent track record of delivering solid long-term returns. On Thursday, gold and silver futures closed higher in domestic and global markets. Gold June futures settled at Rs 95,389/10g with a 0.12% gain, and silver July futures at Rs 97,826/kg, up 0.59%. However, on Friday, silver July futures at MCX also opened lower by Rs 884, or 0.9%, at Rs 96,942/kg. Gold and silver saw sharp volatility on Thursday, initially falling after a US Federal Court blocked Trump's tariff plan. However, prices recovered after President Trump announced plans to appeal the ruling. Meanwhile, the dollar index slipped as US jobless claims rose more than expected, lending support to bullion prices. Currently, the US Dollar Index (DXY) is hovering near 99.44, up 0.16%. US jobless claims increased last week to 240,000, higher than expectations of 229,000. Preliminary GDP data also signaled contraction, adding to gold's safe-haven demand. Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile, driven by dollar index fluctuations, geopolitical tensions, and key US data releases. 'Gold could hold support at $3,250/oz and silver at $32.80/oz on a weekly closing basis," he said. Rahul Kalantri, VP Commodities at Mehta Equities Ltd., noted that while gold plunged initially after the US court ruling, prices bounced back amid growing economic concerns. 'Gold has support at $3,274-3,255 and resistance at $3,322-3,340; silver's support is at $32.82-32.65 and resistance at $33.35-33.55," Kalantri said. In INR terms, gold has support at Rs 94,910-94,580 and resistance at Rs 95,750-95,940. Silver's support is at Rs 96,480-95,750, with resistance at Rs 97,950-98,750. Trading Strategy Manoj Kumar Jain suggests: Gold price prediction Angel One expects gold to continue delivering strong returns, projecting a price of $4,000/oz internationally and Rs 1,10,000/10g domestically within a year. They suggest accumulating around Rs 85,000/10g for long-term investment. First Published: May 30, 2025, 14:06 IST
Economic Times
7 days ago
- Business
- Economic Times
Why are central banks choosing gold over Bitcoin? Peter Schiff revives debate amid record bullion buying
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Volatility still haunts crypto, strengthens gold's case Dollar volatility keeps precious metals in focus Central banks around the world are stockpiling gold at a record pace and eschewing Bitcoin, and that speaks volumes about the future of money, according to economist Peter Schiff. In a pointed post on microblogging site X, the outspoken gold advocate reignited the debate over bullion versus crypto, questioning why global monetary authorities are turning to the yellow metal as they hedge against a post-dollar remarks come amid a sustained surge in central bank gold buying, with institutions now purchasing over 1,000 metric tons of gold annually — more than double the historical average of the past decade, according to a Reuters report. The economist, a long-standing critic of cryptocurrencies, said this trend reflects deepening distrust in the U.S. dollar and reinforces gold's time-tested status as a resilient reserve a separate post, Schiff added, "The Dollar Index had its lowest weekly close in over three years, 30-year Treasuries had the lowest weekly close in almost two years, and gold had its highest weekly close ever. The world is divesting of U.S. dollars and bringing their money home to buy gold and invest locally."The move toward gold accumulation is not new. Countries like Russia have been steadily adding to their gold holdings since 2014, as a shield against Western sanctions and increasing geopolitical isolation. Schiff pointed to this example as a blueprint that other emerging markets are now following, especially in the wake of former President Donald Trump's tariff-heavy trade policies, which continue to generate global unease about the long-term stability of the U.S. dollar."If Bitcoin is the future, why are central banks betting on gold to replace the dollar?" Schiff added, stressing his argument that despite the rise in Bitcoin's price, which recently touched $108,148, central banks have yet to embrace the asset as a reliable store of appeal has been bolstered by rising geopolitical risks, volatility in global bond markets, and persistent uncertainty around U.S. fiscal policy. In contrast, Schiff argues that Bitcoin remains plagued by price instability and limited institutional trust. "Gold has proven itself as a safe asset during periods of tension," he noted, pointing to its performance across multiple economic cycles and financial prices saw a modest retreat on Tuesday. Spot gold dipped 0.5% to $3,325.99 an ounce as of 05:37 GMT, while U.S. gold futures fell 1.2% to $3,325.70 amid a rebound in the U.S. dollar index. In India, June gold futures opened slightly higher at Rs 96,050 per 10 grams, a Rs 5,160 gain from the mid-May low of Rs 90, the dip, analysts believe gold remains underpinned by broader macro risks. Manoj Kumar Jain of Prithvifinmart Commodity Research said, 'Weakness in the dollar index, geopolitical tensions, and global uncertainty are supporting safe-haven buying for precious metals.' He added that gold could find support near $3,200 per troy ounce in the coming Kalantri, VP Commodities at Mehta Equities, said investors are cautious ahead of key U.S. data releases, including the FOMC minutes on Wednesday and PCE inflation data on Friday. 'A widening U.S. deficit and geopolitical tensions continue to support gold, especially as markets weigh the Fed's interest rate outlook,' he central banks signal their long-term strategy through their bullion buying spree, Schiff's challenge to Bitcoin advocates hangs in the air: If crypto is indeed the currency of the future, why are governments still choosing gold?(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Time of India
7 days ago
- Business
- Time of India
Why are central banks choosing gold over Bitcoin? Peter Schiff revives debate amid record bullion buying
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Volatility still haunts crypto, strengthens gold's case Dollar volatility keeps precious metals in focus Central banks around the world are stockpiling gold at a record pace and eschewing Bitcoin, and that speaks volumes about the future of money, according to economist Peter Schiff. In a pointed post on microblogging site X, the outspoken gold advocate reignited the debate over bullion versus crypto, questioning why global monetary authorities are turning to the yellow metal as they hedge against a post-dollar remarks come amid a sustained surge in central bank gold buying, with institutions now purchasing over 1,000 metric tons of gold annually — more than double the historical average of the past decade, according to a Reuters report. The economist, a long-standing critic of cryptocurrencies, said this trend reflects deepening distrust in the U.S. dollar and reinforces gold's time-tested status as a resilient reserve a separate post, Schiff added, "The Dollar Index had its lowest weekly close in over three years, 30-year Treasuries had the lowest weekly close in almost two years, and gold had its highest weekly close ever. The world is divesting of U.S. dollars and bringing their money home to buy gold and invest locally."The move toward gold accumulation is not new. Countries like Russia have been steadily adding to their gold holdings since 2014, as a shield against Western sanctions and increasing geopolitical isolation. Schiff pointed to this example as a blueprint that other emerging markets are now following, especially in the wake of former President Donald Trump's tariff-heavy trade policies, which continue to generate global unease about the long-term stability of the U.S. dollar."If Bitcoin is the future, why are central banks betting on gold to replace the dollar?" Schiff added, stressing his argument that despite the rise in Bitcoin's price, which recently touched $108,148, central banks have yet to embrace the asset as a reliable store of appeal has been bolstered by rising geopolitical risks, volatility in global bond markets, and persistent uncertainty around U.S. fiscal policy. In contrast, Schiff argues that Bitcoin remains plagued by price instability and limited institutional trust. "Gold has proven itself as a safe asset during periods of tension," he noted, pointing to its performance across multiple economic cycles and financial prices saw a modest retreat on Tuesday. Spot gold dipped 0.5% to $3,325.99 an ounce as of 05:37 GMT, while U.S. gold futures fell 1.2% to $3,325.70 amid a rebound in the U.S. dollar index. In India, June gold futures opened slightly higher at Rs 96,050 per 10 grams, a Rs 5,160 gain from the mid-May low of Rs 90, the dip, analysts believe gold remains underpinned by broader macro risks. Manoj Kumar Jain of Prithvifinmart Commodity Research said, 'Weakness in the dollar index, geopolitical tensions, and global uncertainty are supporting safe-haven buying for precious metals.' He added that gold could find support near $3,200 per troy ounce in the coming Kalantri, VP Commodities at Mehta Equities, said investors are cautious ahead of key U.S. data releases, including the FOMC minutes on Wednesday and PCE inflation data on Friday. 'A widening U.S. deficit and geopolitical tensions continue to support gold, especially as markets weigh the Fed's interest rate outlook,' he central banks signal their long-term strategy through their bullion buying spree, Schiff's challenge to Bitcoin advocates hangs in the air: If crypto is indeed the currency of the future, why are governments still choosing gold?(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Time of India
7 days ago
- Business
- Time of India
Gold rate today: Gold prices are up over Rs 5,000 from recent lows, but will the rally sustain?
Gold prices are up Rs 5,160 from their recent low of Rs 90,890/10 grams recorded on May 15. (AI image) Gold rate today : Gold June futures at MCX initiated trading with a modest increase of Rs 113 or 0.12% at Rs 96,050/10 g, following a decline in the previous session. Gold prices are up Rs 5,160 from their recent low of Rs 90,890/10 grams recorded on May 15. Silver July futures began trading nearly unchanged at Rs 98,045/kg, showing a marginal rise of Rs 42 or 0.04%. In the domestic market on Monday, both precious metals concluded positively, despite mixed results internationally. Gold June futures settled at Rs 95,937 per 10 grams, declining by 0.50%, whilst silver July futures finished at Rs 98,003 per kilogram, dropping by 0.05%. Both metals experienced a slight retreat following substantial gains from the previous week, influenced by the US President's decision to delay trade tariffs on the European Union. Trading volumes remained low due to the Memorial Day holiday in US markets, resulting in modest profit-taking for both metals. The dollar index continued its downward trend, falling below 99 points to reach one-month lows. The US Dollar Index (DXY) registered a decline of 0.25 or 0.26%, settling near 98.86. "Weakness in the dollar index, geopolitical tensions, and global uncertainty is supporting safe-haven buying for precious metals," said Manoj Kumar Jain of Prithvifinmart Commodity Research according to an ET report. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo "We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, volatility in the global bond markets and geo-political tensions; gold prices could hold its support level of $3,200 per troy ounce and silver prices could also hold $31.80 per troy ounce levels on a weekly closing basis," he added. Trading Strategy for Gold: Manoj Kumar Jain provided the following price levels for MCX: * Gold's support levels are positioned at Rs 95,400-94,950, whilst resistance stands at Rs 96,650-97,200 * Silver's support levels are at Rs 97,200-96,650, whilst resistance is placed at Rs 98,850-95,500 Jain recommends purchasing both gold and silver during price dips. He anticipates gold to trade within Rs 94,800-96,650 and silver within Rs 96,650-99,500 during the current session. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
