Gold dipped below the $1,900 mark on Friday, a level not seen in more than three weeks, pressured by a stronger dollar and a pickup in Treasury yields after hot jobs data fanned concerns about hawkish central bank policies. The Labour Department's closely watched employment report showed that US employers hired more workers than expected in January, with nonfarm payrolls increasing by 517,000 last month. This report brought a higher degree of uncertainty regarding the Federal Reserve's next move while dashing expectations that the Fed and other central banks will soon end their tightening cycle. Gold has now lost more than 2% this week. Witnessed at higher levels in bullions.
Gold is expected to trade at 1951.88 USD by the end of this quarter, according to macro models and analysts’ expectations. Looking forward, estimate it to trade at 2025.33 in 12 months’ time.
However, they maintained that gold rates today enjoy strong support at $1,860 levels in international market. Experts said that the precious metal has strong support placed at ₹56,500 levels in domestic market and expected bounce back from this support towards 57,700, expecting dip in demand for the US greenback.
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