Gold Price Volatility Continues as Traders Monitor US Dollar, Crude Oil
The gold price has been volatile in recent weeks due to various factors such as the US dollar and bond yields, developments in the West Asia conflict, and trends in crude oil prices. On the Multi Commodity Exchange (MCX), gold futures for October delivery climbed ₹1,597, or 1.04%, last week to settle at ₹1.54 lakh per 10 grams.
Ponmudi R, CEO of Enrich Money, said that the Federal Reserve's hawkish dot plot is likely to remain the dominant driver for precious metals. Gold prices are expected to be sensitive to movements in Treasury yields, the US dollar and inflation data, as well as further signals on the pace and timing of additional tightening.
Choice Broking highlighted that gold has been trading within a rising channel and sustaining above its key moving averages. They predict that the overall trend in gold price is expected to be Sideways-to Bullish in the coming week.