Gold Price Prediction Today

Gold rates are likely to maintain a sideways bias with limited upside in the near-term future. Maneesh Sharma, AVP - Commodities & Currencies, Anand Rathi Shares and Stock Brokers, shares his insights on the current market trends and what investors can expect.

Market Dynamics

Last week, gold prices saw a rally driven by weaker US job data and tariff fears, which weighed on the US Dollar. However, this rally was short-lived as the US Dollar regained positive traction, acting as a headwind for gold at higher levels. The risk-on environment also capped the upside for the safe-haven precious metal.

Economic Indicators

The US NFP data revealed a rise of 73,000 in July, below the market consensus, with the Unemployment Rate ticking higher to 4.2%. These indicators suggest softness in labor demand, fueling short covering moves in gold.

Outlook

With few macro data points lined up, gold's direction remains sideways to slightly positive for the current week. Physical demand in India has shown interest after a price pullback, indicating long-term bullishness despite a cloudy short-term outlook.

Key Levels to Watch

In international markets, gold faces resistance at $3,385 – 3,445 per oz, unlikely to be breached weekly. Domestically, MCX futures hold above the key 1 lakh mark per 10 gm, supported by currency fluctuations and tariff uncertainties.