Gold prices are likely to stay within a limited range this week as global economic uncertainties continue. Experts suggest that investors should watch upcoming data and global developments before making big moves.
Last week, gold prices in India hit a record high. This was due to expectations of interest rate cuts, a weaker U.S. jobs report, and worries over trade tariffs. The U.S. dollar index stayed between 98 and 99, and U.S. bond yields fell slightly. While U.S. consumer confidence was strong, weak July job growth and downward revisions to earlier job data showed signs of a slowing labor market. This gave gold prices a boost.
Towards the end of the week, confusion arose after reports claimed the U.S. would impose a 39% tariff on Swiss gold bars. Prices jumped at first, but later fell when the White House clarified the news was false.
Other key developments included:
- President Trump announcing a meeting with Russian President Putin on August 15 to discuss ending the Ukraine war.
- Trade talks between the U.S. and China facing an August 12 deadline.
- Trump’s plan to nominate economist Miran as the new U.S. Federal Reserve Governor after Jerome Powell’s retirement.
- Physical gold demand in Asia rising early last week but slowing later as prices increased.
- Disappointing Chinese inflation data, which hurt industrial metals like silver.
This week, investors will be watching U.S. inflation (CPI), retail sales, and industrial production data. If the CPI data is stronger than expected, it could mean tariffs are already affecting prices, which might change expectations for future interest rate cuts.
Read more: Trump Tariffs Hit Tamil Nadu’s Textile Exports — Rs 6,000 Crore Trade at Risk
In India, forex reserves have fallen to their lowest level in 2025, showing the Reserve Bank of India’s active role in currency markets. Since this is a short trading week, changes in the USD-INR exchange rate will also be important.
Political and trade updates from President Trump—especially about Russia, Ukraine, and tariffs with India and China—will be closely monitored.
Gold Price Prediction for the Week: Experts expect gold to trade between ₹99,500 and ₹1,02,000 per 10 grams.
