Kamal Ghorui
Gold price prediction today: Gold prices are supported by the underlying geopolitical negative sentiment but the gains are capped, says Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd.Gold declined last week, marking the $5,000 mark as escalating tensions between the US, Israel, and Iran diverted investor flows toward the US dollar and crude oil. Rising energy prices and concerns over supply disruptions through the Strait of Hormuz, which handles nearly 20% of global oil shipments, have heightened fears of inflation, potentially delaying interest rate cuts by the Fed. While safe-haven demand continues to provide underlying support to bullion, gains remain capped amid expectations of a more hawkish policy stance. Investor positioning also reflected caution, with gold-backed ETF holdings falling by nearly 30 tonnes last week. Despite weak US GDP data market participants focused on rising inflation concerns and the path of interest rate change in 2026. Focus this week will be on Fed, BOJ, BOE, ECB interest rate decisions and changes in China LPR.Gold on the domestic front on the daily chart is witnessing a short-term corrective phase after a strong uptrend, with prices drifting lower toward the middle Bollinger Band near ₹155,000, which is acting as an immediate support zone. The recent pullback appears to be a healthy retracement within the broader bullish structure, following the sharp rally seen earlier this year.Price action also indicates a mild descending channel consolidation, suggesting temporary profit booking rather than a trend reversal. On the upside, ₹160,000–₹162,000 remains a key resistance zone, and a sustained move above this area could revive bullish momentum toward ₹165,000.On downside, ₹155,000 is the first support, aligning with the mid Bollinger Band, while a deeper correction could extend toward ₹150,000–₹148,000, where previous breakout zones and lower Bollinger support are placed. Overall, the broader trend remains constructive as long as prices hold above the ₹150,000 support region.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
