Bullion Forecast Today: Gold prices recovered sharply from a six-week low as a worsening energy crisis in Europe drove up safe haven demand. Metal price also witnessed gains, after U.S. data showed moderate wage growth in August and a rise in unemployment rate to 3.7% suggested the labour market was starting to loosen.
A rally in the dollar index also appeared to have paused, as traders await more details on the path of U.S. monetary policy. But expectations of more interest rate hikes by the Fed kept the dollar underpinned around 20-year highs. After Russia halted gas flows via a major pipeline to Europe, several EU states triggered emergency plans that could lead to energy rationing and fuelling recession fears, with inflation soaring and interest rates on the rise.
The ECB is due to meet later this week, where it is expected to deliver a 75 bps interest rate hike to tame record high inflation. Market participants will focus today on U.S. Service PMI data scheduled later today. Broader trend on COMEX could be in the range of $1700-$1740.
Gold prices traded higher on Tuesday with spot gold prices at COMEX were trading over half a percent up near $1720 per ounce in the morning trade. MCX Gold opened higher by 0.34% near Rs. 50606 per 10 gram in line with strong COMEX prices. Gold prices rebounded on safe haven buying with a surge in energy cost in Europe after Russia shut supply of Natural Gas from key pipelines.
The slowdown fears in the Eurozone economy has boosted buying in the yellow metal along with a softer dollar. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1700 and resistance at $1740 per ounce. MCX Gold October support lies at Rs. 50200 and resistance at Rs. 50900 per 10 gram.
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