Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading flat on Friday as a result of negative global cues, while the silver rate is down 0.78%. On Multi Commodity Exchange, gold April futures were trading at Rs 55,308 per 10 grams, up Rs 7 or 0.01%. Silver May futures were trading lower by Rs 484 at Rs 61,500 per kg on MCX.
Globally, the yellow metal prices eased on Friday as investors keenly look forward to the U.S. non-farm payrolls report due later in the day to assess the likely path of the Federal Reserve’s rate-tightening cycle, according to Reuters. Spot gold was down 0.1% at $1,828.90 per ounce. U.S. gold futures also fell 0.1% to $1,832.90. Bullion is likely to decline this week and is down about 1.4% for the period.
Gold prices to remain volatile
“Gold prices were little higher on Thursday, while silver traded steady. Short covering and some position squaring were seen in the precious metals’ futures markets ahead of a key U.S. economic data to be released later today. The dollar index slipped from three month highs ahead of the U.S. non-farm payroll data and an increase in the unemployment claims. The U.S. equity markets also tanked and the U.S. 10-year bond yields slipped below 3.90% and supported bullion prices at lower levels.
“We expect gold and silver to remain volatile in today’s session. Gold has support at $1814-1802 while resistance is at $1840-1851. Silver has support at $19.81-19.65, while resistance is at $22.29-21.44. In INR terms gold has support at Rs 54,880-54,610, while resistance is at Rs55,480, 55,710. Silver has support at Rs 61,420-61,010, while resistance is at Rs 62,490–62,880,” said Rahul Kalantri, VP Commodities, Mehta Equities.
Gold prices edging higher
“Data on Thursday showed the number of Americans filing new claims for unemployment benefits last week increased by the most in five months, but the underlying trend remained consistent with a tight labor market. After positive ADP employment change, and weak jobless claims all eyes are on the non-farm payroll data for February, as it could give further clarity regarding Fed monetary policy path. Broader trend on COMEX could be in the range of $1805-1835 and on domestic front prices could hover in the range of Rs 54,800-55,500,” said Manav Modi, MOFSL.