Gold Forecast: Gold prices will fall for Today

Gold Forecast: Gold steadied a bit around $1750 after witnessing a fall in past few sessions. Dollar eased off a 20-year high, offsetting some pressure from expectations of the Fed keeping interest rates higher for longer to combat inflation.

The dollar index was off a two-decade high hit  while the benchmark 10-year yields pulled back from a two-month high hit in the previous session. After hawkish comments from Governor Powell in Jackson hole symposium market participants are discounting a 75bps rate hike in the Sept. meeting as well, putting weight on safe haven assets. Later this week, all eyes will be on U.S. non-farm and unemployment rate.

COMEX gold has come off 1-month low to trade mixed near $1750/oz as US dollar index is off the highs while US bond yields have stabilized. The US dollar index has corrected from 2002 highs as Fed’s hawkish comments are countered by hawkish comments from ECB officials. Some pause in equity market sell-off has also affected the US dollar’s safe haven appeal. Gold may remain choppy as market players continue to react to US economic numbers and Fed comments however Fed’s hawkish stance may keep US dollar supported which may keep pressure on gold prices.

Gold prices traded steady on Tuesday with spot gold prices at COMEX were trading near $1735 per ounce in the morning trade. MCX Gold October futures traded weak in the opening trade near Rs. 51140 per 10 gram following stronger rupee. Gold prices were supported by dollar weakness which retreated from 20 year highs. Gold prices may cap upside on hawkish FED to tackle inflation. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1717 and resistance at $1785 per ounce. MCX Gold October support lies at Rs. 50700 and resistance at Rs. 51950 per 10 gram.

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Gold Forecast: Gold prices will fall for Today
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