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US gold futures rose marginally by 0.1% to $2,611.30 per ounce.
In India, gold prices dipped slightly in early trade.
The price for 24-carat gold stood at ₹77,270 per 10 grams on Friday, down ₹10 from Thursday.
This decline aligns with global cues that reflect a cautious outlook.
Factors impacting gold prices
The Federal Reserve’s recent 25-basis-point rate cut signaled a cautious approach to future monetary easing, which weighed on gold.
The Fed projected fewer rate cuts in 2025, reinforcing the appeal of the dollar and Treasury yields over non-yielding assets like gold.
Additionally, robust US economic data supported the Fed’s hawkish stance.
Third-quarter GDP growth exceeded expectations, and jobless claims declined, indicating a resilient economy.
Such data diminishes the demand for safe-haven assets like gold.
Rahul Kalantri, VP Commodities at Mehta Equities Ltd, noted, “Gold extended the decline due to hawkish Fed guidance, strong dollar gains, and upbeat US economic data. Gold prices dropped to a one-month low, testing critical support levels.”
Technical outlook
Spot gold may retest support at $2,582 per ounce, according to Reuters technical analyst Wang Tao.
Gold has key support levels at $2,584–2,569 per ounce and resistance at $2,618–2,635 per ounce.
In Indian rupee terms, support is at ₹75,450–75,240 per 10 grams, with resistance at ₹76,000–76,440 per 10 grams.
Investment considerations
Gold prices are consolidating amid mixed global signals.
According to Soni Kumari, a commodity strategist at ANZ, “Investors are waiting for clarity on US trade policies and the Federal Reserve’s next moves.” The upcoming US Personal Consumption Expenditure (PCE) data, a key inflation indicator, could provide further direction.
While gold’s near-term outlook remains cautious, lower prices may attract fresh buying. Analysts suggest that investors with a long-term horizon could use dips to add gold to their portfolio.
However, those looking for short-term gains should monitor critical support levels closely, as a breach could signal further downside.
–With agencies inputs
