Gold price today: Yellow metal trades lower; experts unveil strategy for MCX Gold rate as investors await US job data

Gold price today: Gold prices traded lower in early trade in the domestic futures market on Monday, September 2, mirroring the lacklustre global trend as investors key macroeconomic data in the US to gauge the likelihood and scale of potential Fed rate cuts in the upcoming September policy meeting.

MCX Gold for October 4 delivery traded 0.23 per cent down at ₹71,448 per 10 grams around 9:10 am.

Several US macro data, including non-farm payroll reports, JOLTS job openings and ISM surveys, will influence gold prices this week. Domestically, the dollar-rupee movement and the demand from the spot market will impact MCX Gold prices.

Experts point out that gold prices seem to have discounted the September Fed rate cut and lack fresh triggers to move higher. However, upcoming festive demand in India and a deeper-than-expected Fed rate cut may boost gold prices.

According to Mohammed Imran, a research analyst at Sharekhan by BNP Paribas, the overall trend in gold remains bullish due to lower rates and geopolitical tensions.

What should be your strategy for MCX Gold today?

US consumer spending increased in July, which shattered expectations of a half-percentage-point interest rate cut from the Fed this month. This seems to have weighed on gold prices.

US consumer spending increased significantly in July, rising 0.5 per cent after advancing by an unrevised 0.3 per cent in June. Economists polled by Reuters had forecast spending would accelerate by 0.5 per cent.

Meanwhile, the US personal consumption expenditures (PCE) price index rose 0.2% in July, matching the expectations of economists polled by Reuters. In the 12 months through July, the PCE price index increased 2.5 per cent, matching June’s gain.

Experts expect gold prices to trade lacklustre in today's session.

"Gold prices may trade in the range of ₹71,400-71,800, and silver may trade in the range of ₹84,900-85,500, with sideways to bearish bias," said brokerage firm SMC Global Securities.

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold prices retreated from record highs, and silver prices struggled to sustain above $30 per troy ounce. However, geopolitical tensions and robust investment demand support precious metal prices.

"Gold finds support at $2,478-$2,461, with resistance at $2,512-$2,527. Silver has support at $28.22-$28.10 and resistance at $28.70-$28.90. In INR terms, gold has support at ₹71,450- ₹71,210, with resistance at ₹71,950- ₹72,140. Silver has support at ₹82,750- ₹82,150, with resistance at ₹83,880- ₹84,550," said Kalantri.

(With inputs from Reuters)

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Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.