gold price prediction Today: gold and silver prices Vedika Narvekar, Research Analyst – Commodities and Currencies, Anand Rathi Shares and Stock Brokers, says prices are likely to remain range-bound this week.Gold prices witnessed a recent uptrend, with international spot prices falling nearly 2.5% to around $4,712 an ounce last week, while domestic MCX gold prices fell nearly 1.24% to Rs 1,52,699 per 10 grams. This brings gold’s year-to-date gains down to 9%, indicating some moderation after the strong rally seen earlier this year.One of the key factors pressurizing gold is the rise in crude oil prices due to the ongoing disruption in the Strait of Hormuz, which has revived global inflation concerns and pushed bond yields higher. At the same time, record-high US equity markets have reduced gold’s appeal as a safe-haven asset. This change in sentiment is also being reflected in investor positioning, with US investors cutting their gold ETF holdings and reducing net long positions in futures.Gold: Focus for this weekLooking ahead, gold and silver entered the week on a slightly bearish tone, with the direction likely to be driven more by overall risk sentiment than traditional safe-haven demand. A notable trend has been the positive correlation with US equities. If market volatility remains low, strong earnings from major companies like Microsoft, Alphabet, Meta and Amazon may support the precious metals. On the other hand, any disappointment in earnings, rise in bond yields or further rise in crude oil prices could put pressure on gold.On the macro front, major central banks including the Federal Reserve, Bank of Japan, Bank of England and European Central Bank are widely expected to keep interest rates unchanged this week. As a result, market attention will turn to forward guidance, particularly commentary regarding inflation risks arising from geopolitical tensions such as the US-Iran situation. Additionally, key data points including US Q1 GDP and March PCE inflation data will be closely watched for further signals on the interest rate outlook and economic health.Another important event this week is the release of the Q1 Gold Demand Trends report by the World Gold Council, which will provide insights into global demand and supply dynamics.Technical levels and near-term outlookGold (Spot) CMP: $4,560
- Support: $4,400/$4,300
- Resistance: $4750 /$4,850
MCX Gold CMP: Rs 148,825
- Assistance: Rs. 1,43,000/ Rs. 1,40,000
- Resistance: Rs. 1,54,500/ Rs., 1,58,000
Overall, gold is expected to trade in a range with slight downside in the initial part of the week, which could potentially test the $4,400 level, which is equivalent to around Rs 1,43,000 on MCX. Volatility is likely to increase as markets react to central bank comments and key US economic data. Any signs of weak growth, especially from GDP data, may support gold prices towards the end of the week, while gains are likely to be limited around $4,750 in spot and Rs 1,54,500 levels on MCX. It should be noted that the broader long-term trend for gold remains positive, and the current phase is seen as a healthy consolidation rather than a reversal.As far as silver is concerned, international spot silver is currently trading around the level of $73 and this week it may get initial support at the level of $71 and strong support near $68. Resistance for silver is around $76/$80. On MCX, silver is trading around Rs 2,36,500 and may find support at Rs 2,29,500/Rs 2,22,000 while resistance is seen at Rs 2,45,000/Rs 2,58,000.(Disclaimer: The recommendations and views given by experts on the stock market, other asset classes or personal finance management are their own. These opinions do not represent the views of The Times of India)