Prophecy for gold rate on Akshay tritiya: Where are the prices of gold on April 30, 2025 and near the near period?

Prophecy for gold rate: Buying gold on Akshay Tritia is considered auspicious according to Indian traditions. But what is the approach to sleep and which factors will increase gold prices in the coming days? Praveen Singh, Senior Fundamental Research Analyst- Mirai asset share his views and objects in Sharekhan:
Gold display:
On April 29, the spot gold swung between $ 3,299 and $ 3,349 and was changing hands at $ 3,322, about 0.65% a day at the time of writing. The MCX June contract was about 0.40%less in Rs 95,640.
Despite the disappointing data out of the US, the spot gold was slightly low as US President Trump signed an order to remove the tariff on some auto imports. In addition, investors still hope that the US-China trade tension may be reduced.
Data Roundup:
The US data released on Tuesday was disappointing as the Advanced Trade Balance (March) came in the record -$ 162 billion versus estimate -$ 145B is estimated as imports defeated the tariff deadline. The expected American trade will reduce the larger Q1 GDP than the deficit as imports will be reduced by GDP figures. According to Bloomberg estimates, business can reduce 3% points from top-line GDP growth over an increase in import of consumer goods, although this calculation requires exclusion of gold imports.
The opening of a job job at 7192K (March) was well less than 7500K estimated and the earlier data of 7568K was reduced. Since January 2021, the lowest September 2024 figures have to be lowest. The job opening rate fell from 4.5% to 4.3% and overtook 4.5% forecast.
Conference Board Consumer Faith (April) fell from 93.90 (revised more than 92.90), the lowest since May 2020, the expectations have deteriorated since May 2011. For the first time in five years, the possibilities became clearly negative.Descriptions indicate that concern about the economy has now spread to consumers to worry about their personal situations.
Somewhere else, expectations of 1-year and 3-year of European Central Bank (March) were hot at 2.9% and 3.3% compared to the expected data of 2.5% and 2.3%.
Yanis Sturanaras, a member of the ECB Governing Council, said the central bank should be vigilant on further rate cuts due to an uncertain global economic environment. It is possible that ECB may temporarily stop its rate cut after the 25-BPS cut in the next meeting.
US Dollar Index and Yield:
Ten -year -old US yields slipped from about 1% to 4.16% since April 7, as weak US economic indicators promoted rate cuts. Similarly, two years of yields from about 1% to 3.65% since April 9. Despite the low yield, the US dollar at 99.03 was slightly higher as hopes about tariffs supported greenback.
Upcoming data:
Major US data on TAP on 30 April include ADP Employment Change (April), 1Q advance GDP annual, personal consumption (1Q advance), employment cost index (1Q) and real personal expenses (March). Investors will monitor China’s manufacturing, non-construction PMIS and Caixin China manufacturing (all April) as well as PPI and CPI (April Pil) of Germany.
ETF:
Till 28 April, the total known Global Gold ETF holdings were at 89.072moz, the lowest since 14 April, as the holdings fell for the fifth straight day as investors had made profits. However, ETF holdings are around 7.5% YTD.
Comex Gold Inventory:
Comex Gold Inventory was mentioned to be 41.619moz on 28 April, more than 7% below 7% of the record high inventory of 45.072moz recorded on 4 April. Comex gold inventory may come down when the gold flow is reversed; Thus, Sona is going back from New York to London.
US-China Trade Standeof:
On 28 April, US Treasury Secretary Scott Besant said that it depends on China to take the first step to increase trade tension. However, Chinese Foreign Minister Wang Yi urged the countries to stand firm and oppose the ‘Bully’ Trump at a BRICS meeting on Monday. The Ministry of External Affairs has vowed that Beijing will not be shaken. However, investors hope that China will eventually suspend Beijing on some of us imports, including some imports, including medical equipment, aircraft leases, and at least eight semiconductor-related products.US President Trump is expected to sign orders to exempt some auto foreign parts for cars and trucks made inside the US and recover imported automobiles from separate tariffs on aluminum and steel.
Gold price outlook:
The main focus of investors is on US-China trade development. Sleep is likely to be well -supported until the two countries come together to resolve their differences, although gold flow from New York to London is somewhat negative for metal. The US continues to disappoint the data. The expected blow and a multi-year-old low conference board reflects a weak economy weaker than consumer confidence data, which will weaken further with the continuing trade war.The conference board consumer confidence data collapsed for the fifth straight month.
China, who selects us not to respond to starting business talks, means that business friction between the world’s two largest economies is likely to continue in the near period, which will support the yellow metal.
If there is no major positive development on business issues, buying a dip is the preferred strategy. The metal can test $ 3372- $ 3400 resistance area. The upset is likely to be covered at $ 3400 in the short term.
Support is at $ 3260 (MCX Gold June Contract Rs 93,800). The resistance is at $ 3350 (Rs 96,500)/$ 3372 (Rs 97,000).
(Disclaimer: Recommendations and views on stock markets and other asset classes given by experts are their own. These opinions do not represent the views of Times of India)