Prophecy for gold price today: Will the gold rate go below Rs 90,000 and should you buy or sell?
Prophet of gold price today: Gold rates are raising ups and downs amid uncertainty about the business policies of global upheaval and Donald Trump, recently US credit rating downgrade. Until a few weeks ago, gold prices were touching the height of a lifetime, but retreated since then. So what is the price of gold for this week, and what should investors do if gold prices fall ahead? Manesh Sharma, AVP – Commodities and Currency, Anand Rathi shares and stock brokers share their views and recommendations:
Gold price trend
Gold became unstable last week as it fell above $ 3200 per ounce on a weekly basis and fell to about $ 3% in the spot to $ 3120 per ounce. An early US-China trade agreement included tariff cuts as Washington reduced duties from 145% to 30% on Chinese goods, while Beijing planned to cut tariffs from 125% to 10% on US imports, weighed on emotions. Other soft macro signs continued to portray the picture mixed with American consumer emotions, showing the second lowest reading on records to lift emotions at the end of the week.Meanwhile, Moody recently downed an American credit rating by a rungs from AAA to AA1, which cites the burden of increasing debt levels and increasing interest payments. Following this move, Fitch rating in 2023 and in 2011, the previous downgrade was followed by Standard and Poor. Moody’s now estimated the US Federal loan that by 2035 GDP is expected to be up to 134%, above 98% in 2023, GDP is widened to about 9% with federal deficit.It is responsible for high debt servicing costs, increased eligibility expenses and falling tax revenue.
Geophysical tensions did not show any indication of abetment as Trump declared on social media for Ukraine and Russia to immediately start a conversation towards a ceasefire but without America. The danger of sanctions, no demand for time-line, and there was no pressure on the Russian leader that the ceasefire talks could not soon see a solution at any time.
Gold price prediction and outlook
Increasing concerns over the US Economic Outlook and fiscal health have supported emotions so far during the current week. Meanwhile, US economic indicators also strengthened the expectations of further cut rate by the Federal Reserve later this year. However, the focused focus for the current week remains on a group of fed speakers that can throw fresh direction at the trajectory of rate cut during the year as the CME device still relaxes only 55 bp at the end of the year. Two Federal Reserve officials, including New York Fed Chief John Williams, suggested that policy makers may not be ready to reduce interest rates before September as they face a mercury economic approach.Overall in the spot $ 3,150–3,080 support zone remains important in the coming days, while the technical trend is slightly backwardly for the current week, the profit may continue at a high level with booking, while also purchasing interest to buy interest around the support area.
Gold Weekly View: Side in side
MCX June Futures Gold (CMP Rs. 93,530 per 10 grams) is expected to trade in a wider range of Rs 89,500 – 95,800 on a weekly basis. Anyone can start a sales strategy below Rs 92,300, in which below can be seen up to Rs 91,000 – Rs 89,500.(Disclaimer: Recommendations and views on stock markets and other asset classes given by experts are their own. These opinions do not represent the views of Times of India)
