Gold Price Outlook – Know how US job numbers to impact price movement on Monday – Experts give trading, investment strategy

Gold Price Outlook – Gold traded in a rangebound manner over this week. The MCX Gold Futures traded between Rs 48,500 and Rs 49,500 with an overall dip of 1 per cent during the week. Over the last three months, yellow metal has appreciated by almost 10 per cent. Will the trend continue over the next week too or is there a likelihood of a one-way movement?

Commodity expert Biren Vakil of Paradigm Commodities said that the sentiments have improved considerably in the global markets but the Indian Rupee is also showing strength. There is a cross-volatility phenomenon now. The INR and Comex are moving opposite of each other making the yellow metal trade in a range, he said. There will be more clarity when the markets open on Monday. The impact of US job data will have a bearing on the sentiments, he further said.

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The world’s largest economy has added 5.6 lakh jobs in May as unemployment fell to 5.8 per cent.   

The strategy should be buy on dips, he said.

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Another analyst Kishore Narne of Motlal Oswal said that the economic recovery in the US is now coming on track with non-farm job additions and this is weakening the “Safe Haven” cause of Gold. He is expecting some correction on Monday. He also recommended buy on dips.

The right levels to enter are between Rs 48,300 and Rs 48,350. The target price for the week is at Rs 49,200, he said. He puts the stop loss at RS 47,800.

Ravindra Rao of Kotak Securities said that to time the market is a very difficult thing and there is still uncertainty there. He said that the long term trend in gold remains intact. He expects gold to test levels around Rs 52,000 within this year. There is an opportunity for investors.

As for Silver, the prices have been moving in the range of Rs 70,000 and Rs 72,600. While on a wekly basis, it has seen a 1 per cent fall, the prices have gone up by 8 per cent over 3 months. The demand has been up because of industrial use.

Narne said that he expects the demand to remain robust but this metal could see volatility. He advises investors to remain cautious. He recommends a buy for a target price of Rs 75,000 over the next week. The buying levels are around Rs 69,500. He puts the stop loss at Rs 66,500.