• Source:JND
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Gold Rate Prediction: Amid fluctuation in gold and silver rates, the bullion experts predict that the yellow metal may remain in a corrective phase in the coming week. After falling 10 per cent from a record high above USD 4,390, gold is heading for a third consecutive weekly loss.

Despite the recent dip, the metal is still up over 50 per cent year-to-date, marking its strongest performance since 1979 and is on track for the biggest yearly gain in more than four decades. The bullion experts are watching closely for comments from US Federal Reserve officials as their views on monetary policy are expected to influence gold prices in the near term.

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Gold Likely To See Short-Term Correction

Pranav Mer, Vice President of Commodity & Currency Research at JM Financial Services Ltd, said that gold prices are expected to see some consolidation and short-term correction in the coming week. “Gold prices are expected to see some consolidation or more correction as focus will be on the inflation numbers, US Supreme Court hearing on tariffs, speeches from Fed officials,” Economic Times quoted Mer as saying.

Gold Futures Fall Slightly In Domestic Market

Gold futures for December delivery on the Multi-Commodity Exchange (MCX) dropped Rs 165, or 0.14 per cent, to close at Rs 1,21,067 per 10 grams last week.

“MCX gold is trading between Rs 1,17,000 and ₹ Rs,22,000. Weak US job data , safe -haven demand , rate cut expectations, and continued buying by central banks are supporting gold in the near term,” Prathamesh Mallya, DVP - Research, Non-Agri Commodities and Currencies, Angel One told ET.

Mallya further said that gold is on track for its strongest gain since 1979, and with current market conditions in place, volatility could push prices even higher in the near term.

Gold for December delivery on Comex rose $13.30, or 0.33 per cent, for the week to close at $4,009.80 per ounce.

“Gold hovered just near USD 4,000 an ounce this week, stabilising after sharp swings driven by shifting expectations over US monetary policy and labour market data,” Riya Singh, Research Analyst, Commodities and Currency, Emkay Global Financial Services, said.

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Despite being roughly 10 per cent below its record high of $4,390, gold has gained more than 50 per cent this year, recording its strongest annual performance since 1979. “The metal briefly gained after reports showed US firms announced the highest October job cuts in over two decades, bolstering the case for a December rate cut, Riya said.

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