Gold Rate Today, Gold Price on July 17: Gold Price Today, 17 July: MCX gold slips 0.22%; support at Rs 58940-58720, resistance at Rs 59470-59620 levels- Gold Price Forecast, Gold Price

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading lower on Monday, while the silver rate is down by 0.33%. On Multi Commodity Exchange, gold August futures were trading at Rs 59,187 per 10 grams, lower by Rs 129 or 0.22%. Silver September futures were trading lower by Rs 252 at Rs 75,716 per kg on MCX. 

Gold prices edged lower on Monday as the dollar inched up, although investors largely bet on the U.S. Federal Reserve hitting the brakes soon on interest rate hikes, according to Reuters. Spot gold fell 0.1% to $1,952.74 per ounce, around $11 lower from the three-month high hit on Friday. U.S. gold futures were down 0.4% to $1,957.60.

Gold to remain volatile 

“Gold and silver price retreated from one-month highs on Friday, as traders locked in some profits amid recovery in the dollar index from its lows and better than expected U.S. consumer sentiment data. The upbeat consumer sentiment data indicates the stable job market and supported the U.S. dollar at lower levels. We expect gold and silver to remain volatile in today’s session. Gold has support at $1942-1931 while resistance is at $1965-1974. Silver has support at $24.62-24.48, while resistance is at $25.00-25.18. In INR terms gold has support at Rs 58,940-58,720, while resistance is at Rs 59,470, 59,620. Silver has support at Rs 74,750-74,120, while resistance is at Rs 76,240–76,780,” said Rahul Kalantri, VP Commodities, Mehta Equities.

Gold falls on strengthening dollar 

“Gold price inched lower as the dollar strengthened, while investors largely bet on the U.S. Federal Reserve hitting the brakes soon on interest rate hikes. The dollar edged up slightly above its April 2022 lows, while U.S. 10Y yields continue to trade below the ~4% mark. Data in the U.S. last week showed that consumer prices grew at their slowest pace in more than two years, producer inflation saw the smallest increase in nearly three years, and consumer sentiment jumped to the highest level in nearly two years. Interest rate futures showed markets mostly priced in another rate hike from the Federal Open Market Committee at its July 25-26 meeting,” said Manav Modi, Research Analyst Commodities and Currencies at MOFSL.

“However, Fed Governor Christopher Waller mentioned he was not ready to call an all-clear on inflation and favours rate hikes this year, sentiment reflected in June’s FOMC minutes. Series of data from China today reported in the earlier session today we’re reported weaker than expectations, weighing on industrial metal including silver. This week focus will be on U.S. Retail sales, IIP and CPI from UK & EU,” Manav Modi added.