Gold prices edged lower as investors awaited US economic data and fresh signals on the Federal Reserve’s rate path
Gold prices were mostly unchanged today. Traders held back before major US economic updates that may shape views on the Federal Reserve’s next interest-rate steps. Gold ended slightly down, about 0.05%, at ₹1,48,823. Participants watched inflation, jobs, and remarks from US central bank officials. For now, gold is still facing headwinds. Moves in US rate expectations continue to sway how investors feel. The market is putting a 68% chance on an October rate hike. It also sees a 95% chance of another increase in December. When rates rise, gold often takes a hit since it does not pay interest. Investors may prefer products that earn returns. Cleveland Fed chief Beth Hammack added to the caution. She pointed to worries about inflation that is not easing fast enough. She said that if prices stay high, people may get used to them. Her remarks have fed the idea that policy could stay tight for longer. Traders are waiting on more US data to guide the next move. The ADP jobs report is due on Wednesday. Investors will also look at PCE inflation figures. Federal Reserve speeches from several policymakers are on the agenda too. If inflation keeps lingering or if hiring remains firm, it could shift expectations for when rate changes happen and how strong they might be.
Gold demand in India picks up a bit
In India, people showed a small lift in physical gold buying after prices eased. Jewelers and buyers stepped up orders as the festive season came closer. Even so, the pace was still cautious. Dealers in India were offering discounts as high as $43 per ounce. That compares with discounts up to $60 per ounce the week before. Smaller discounts suggest that physical demand is not as soft as before. Shoppers and jewellers seem to be getting ready for the holiday period. In Asia, physical markets were mostly steady. In Singapore, premiums were about $1.70 to $2.50 per ounce. In Hong Kong, premiums were roughly $1.70 to $2.00. Japan saw gold trade from a $0.25 discount to a $0.50 premium. London vault holdings also stayed firm. Totals were near 9,534 tonnes at the end of July 2026. That was a 0.74% rise from the previous month. The value was estimated at about $1.2 trillion.
Gold outlook and key chart levels
People at big banks keep watching gold. Goldman Sachs still expects gold to be at $5,400 per ounce by end of 2027. They also say that tighter monetary policy may cool gold’s gains in the near term. This would not have to change the longer plan. In the view quoted in the note, more rate hikes could weigh on gold. The idea is that three extra hikes may drag prices toward $4,070. After that, a rebound could lift gold toward $4,200 by the end of 2026. Support also comes from continued central bank buying. Charts show new selling interest. Open interest rose 5.33% to 15,587, while prices fell by ₹74. Gold is holding near ₹1,47,905. If that support gives way for a sustained time, ₹1,46,990 may become the next level traders watch. Higher levels also matter. Resistance is seen around ₹1,49,980. If prices stay above that area, a move toward ₹1,51,140 could follow. For the next few sessions, traders are likely to focus on US economic releases and comments from the Federal Reserve. These items may drive price swings for gold.
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