Gold Price Weekly Outlook: 24K, 22K, 18K See Dramatic Moves; Should Buyers Wait or Buy Next Week?

Gold Price Weekly Outlook: The price of 24 karat, 22 karat, and 18 karat gold in India saw wild swings during the week as renewed tensions between the United States and Iran fuelled the crude oil price rally. Back in home, Indian Rupee weakness supported the domestic prices and kept the investors on edge.

A host of events including release of key US economic data numbers, development around West Asia tensions, Indian Rupee trajectory, etc will define the gold price movement.

Gold Rate in India

THe price of 24 karat, 22 karat and 18 karat gold in India surged on Saturday. The rate of 24 karat gold increased by Rs 60 per gram to Rs 14,493 per gram, as per GR data at 1:30 pm on Saturday. The rate of 22 karat gold in India jumped by Rs 55 per gram to Rs 13,285 per gram . Likewise, the 18 karat gold became expensive by Rs 10,870 per gram.

Silver Rate in India

The price of silver in India increased by Rs 5 per gram to Rs 240 per gram and by Rs 5,000 per kilogram to Rs 2.4 lakh per kilogram, as per GR data. Silver rate in India saw steep surge in January followed by massive crash in February.

Gold Price Outlook: Key Events To Watch Out Next Week

In the coming week, a Federal Reserve meeting is set to shedlight on the path for interest rates. The FOMC rate decision will be taken on Wednesday, July 29. The market will closely monitor the decision and Fed Chair Kevin Warsh's speech.

Prior to the US Fed meeting decision, market participants will track US Consumer COnfidence data, set to be released on Tuesday, July 28. A flurry of activities will take place on Thursday, July 30, including the release of advance GDP data, weekly jobless claims, Bank of England monetary policy decision, etc.

Ahead of the weekend, flash PMIs, month-end positioning manufacturing and services PMI data release on July 31 may also impact investors sentiment.

Gold Price Outlook For Next Week

Gold price is likely to see heightened volatility in the coming week, but a hawkish commentary from US Fed could trigger short-term market calibration, highlighted Colin Shah, MD, Kama Jewelry.

"It is likely that immediate rate actions may remain on pause, although, any hawkish tone regarding inflation could trigger short-term market recalibration. Having said that, support near USD 4000 remains a crucial floor for the metal," stated Colin Shah.

"On the demand dynamics, long term structural demand will continue to be resilient with mild jitters based on real-time economic developments, with consumer preference inclining more towards lightweight jewellery given the steep gold prices raising concerns around general affordability," the expert added.