Gold price prediction today: Gold and silver prices are expected to continue their upward momentum in the near term, and investors of gold may want to adopt the ‘buy on dips’ strategy, says Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services Ltd. Here is his outlook for gold prices in the coming days:Gold and silver prices surged last week, with gold hovering near record highs and silver breaching $45 on COMEX, driven by surge in USDINR, safe-haven demand, firm expectations of further interest rate cuts by the Federal Reserve and overall demand. Silver was also supported by strong move in Copper amidst “force majeure” announced by Freeport Indonesia. Despite a slight rise in the dollar index and mixed Fed commentary, markets continued to price in a 93% chance of a 25 bps cut in October and around 77–81% for another in December. The US economy showed resilience with a stronger-than-expected 3.8% GDP growth in Q2 and lower jobless claims, though durable goods orders slowed. The PCE inflation index also came in line with expectations, keeping the rate cut narrative intact. Geopolitical tensions, including NATO’s warnings to Russia and China’s plans to secure foreign sovereign gold reserves, added to gold’s upward momentum. Meanwhile, SPDR holdings rose, reflecting strong investor interest, even as China’s physical demand weakened.Gold and Silver do not look out of breath despite hitting fresh peaks continuously. Last week’s data points and comments were fairly mixed, keeping the market participants hopes for more two rate cuts in 2025. However, along with Growth and inflation concerns , labour market is one key factor which the Fed quoted as the reason for its last cut.This week, once again we have US private payrolls, non-farm payrolls, unemployment and along with that PMI data from major economies. If labour market continues to weaken rate cut expectations for next year also might shift and bullion could get further boost.Gold Outlook – Stance positive: Buy on dipsGold Levels – Support: Rs 1,13,500; Resistance: Rs 1,15,800(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
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