Gold price today: Gold rates declined on Monday morning as the US dollar strengthened, impacting the domestic futures market. This decline was driven by investors closely watching key US macroeconomic data, such as the PCE and GDP prints, to assess the potential for further rate cuts by the US Federal Reserve.
Impact of a Stronger US Dollar
The rising US dollar has put pressure on gold prices, with the dollar index heading for its best month since April 2022. As gold is priced in dollars globally, a stronger dollar makes the precious metal more expensive in other currencies, reducing its attractiveness to investors.
Upcoming US Macro Data
Investors are now turning their attention to a series of key macroeconomic data releases in the US, including reports on consumer confidence, job openings, GDP, employment figures, and trade balance. Additionally, data on the PCE price index, personal income, personal spending, and the US employment cost index will be released this week, providing further insight into the health of the US economy.
Factors Supporting Gold Prices
Geopolitical tensions, US election-related uncertainties, and expectations of additional rate cuts by the US Federal Reserve have all contributed to supporting gold prices in recent times.
Expert Analysis and Price Levels
According to experts like Rahul Kalantri, VP of commodities at Mehta Equities, gold has specific support and resistance levels to watch. In the coming week, Saish Sandeep Sawant Dessai, an analyst of base metals at Angel One, predicts that gold may trade higher towards ₹79,400 per 10 grams.
Despite short-term fluctuations, Dessai emphasized that gold has shown resilience this year as a hedge against economic and political uncertainties. He believes that gold prices may find support in the range of ₹77,700-77,600, with resistance seen in the range of ₹79,400-79,500.
Looking ahead, it is essential to consult certified experts before making any investment decisions, as views and recommendations from individual analysts, experts, and brokerage firms can vary.
