Gold Price Today, 29 August- Gold rises on Dollar’s retreat; support at 58680-58490, resistance at Rs 59120-59310

Gold Price Today, 29 August: Gold rises on Dollar’s retreat; support at 58680-58490, resistance at Rs 59120-59310

Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX Gold prices ascended on Tuesday, while silver rates surged 0.28%. On the Multi Commodity Exchange, gold October futures were trading at Rs 58,981 per 10 grams, up by Rs 94 or 0.16%. Silver September futures were trading up by Rs 208 at Rs 73, 820 per kg on the MCX.

Gold prices gained on Tuesday as the US dollar and Treasury yields retreated from recent highs ahead of crucial US inflation and jobs data this week that could define the outlook for interest rates, according to Reuters. Spot gold climbed 0.3% to $1,924.84 per ounce, hovering close to its highest level since Aug. 10 reached on Monday. US gold futures gained 0.3% to $1,952.90.

“We expect gold and silver to remain volatile in today’s session. Gold has support at $1910-1898 while resistance is at $19034-1948. Silver has support at $24.08-23.92, while resistance is at $24.40-24.51 In INR terms gold has support at Rs 58,680 – 58,490, while resistance is at Rs 59,120 – 59,310. Silver has support at Rs 72,710 – 72,150, while resistance is at Rs 74,440 – 75,040,” Rahul Kalantri added.

Gold may react to US economic data amidst Fed’s cautious stance

“COMEX Gold prices closely marginally higher at the start of the week, tracking a decline in the US benchmark 10-year treasury yields. The yellow metal is hovering near $1950 per troy ounce after the world’s top central bankers last week stressed the need to keep interest rates high until inflation is contained. With the Fed ‘proceeding carefully when deciding to hike again or hold steady,’ markets are expecting a September pause,” said Ravindra Rao, CMT, EPAT, VP – Head Commodity Research, Kotak Securities.

“It is going to be a data-heavy week in the US, with the release of the labour report, along with the PCE price index, personal income and spending data, JOLTS job openings, ISM Manufacturing PMI, and the second estimate of Q2 GDP growth. Any signs of economic strength might add wagers for further Fed hikes, weighing down on the yellow metal,” Ravindra Rao added.