Gold is predicted to consolidate with a bullish bias in the near-term as Fed Chair Warsh notes falling inflation and weaker-than-expected US jobs data. Upside may be capped by aggressive Fed rate hike pricing, though a reduced probability of year-end hikes supports gold. The metal could reach $4300.
Gold prices are seeing limited gains despite falling oil prices, as central banks signal potential rate hikes to combat inflation. Geopolitical developments, including US-Iran talks and Israeli-Lebanese deconfliction, are also influencing the market, alongside a strengthening US Dollar.
Gold prices may rise short-term as oil eases, but the US Federal Reserve meeting is crucial. A US-Iran deal on the Strait of Hormuz eased oil prices, boosting gold, though geopolitical details remain. India's gold imports fell due to duty hikes.
Spot gold fell 3.7% to $4540 in the week ending May 15. Prices tumbled amid rising oil and dollar, with geopolitical tensions over Iran's sanctions waiver impacting market sentiment. Analysts suggest selling into rallies.
Gold price prediction today: Gold prices are expected to continue seeing volatility in the near-term, says Praveen Singh, Head Currencies and Commodities, Mirae Asset ShareKhan.
Gold prices declined 0.75% to $4678 as oil surged due to stalled US-Iran talks, with daily Strait of Hormuz transits near zero. The yellow metal posted its first weekly loss in five weeks at 2.5%. Analysts warn of continued downside unless oil prices ease, with support at $4600. The FOMC is expected to signal a hawkish stance on April 29 amid rising inflation concerns from the Iran war.
Gold price prediction today: Gold prices are likely to take cues from the US Federal Reserve stance on rate cuts in the near future, says Praveen Singh, Head Currencies and Commodities, Mirae Asset ShareKhan.
