Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX gold prices declined on Wednesday due to the strengthening of the US dollar. Silver rates also plunged 0.41%. On the Multi Commodity Exchange, gold October futures were trading at Rs 56864 per gram, down Rs 63, or 0.11%. Silver December futures were trading down Rs 279 at 67115 per kg on the MCX.
Gold prices headed back towards seven-month lows on Wednesday as an ascending dollar and bond yields after strong US jobs data kept markets expectant of further monetary policy tightening, while palladium slipped to its lowest level since late 2018, according to Reuters. Spot gold eased 0.1% to $1,820.70 per ounce, while US gold futures dropped 0.3% to $1,836.20.
Yellow metal to remain volatile
Rahul Kalantri, VP Commodities, Mehta Equities expected the bullions to remain volatile and said, “We expect gold and silver to remain volatile in today’s session. Gold has support at $1810-1798 while resistance is at $1835-1848. Silver has support at $20.80-20.66, while resistance is at $21.24-21.40. In INR terms gold has support at Rs 56,010 – 55,810, while resistance is at Rs 56,580 – 56,750. Silver has support at Rs 66,700-65,850, while resistance is at Rs 67,940–68,550.”
Traders eye US ISM Services PMI, ADP Non-farm employment data
“The yield on the US 10-year notes surpassed 4.8%, as strong economic data underscored the resilience of the US economy to high borrowing costs, improving the conviction that Fed might be forced to keep rates elevated. Robust JOLTs job openings data, smallest contraction in September factory activity and hawkish comments from Fed officials continue to strengthen the expectation that interest rates will remain elevated for a longer period. Today the focus will be on US ISM Services PMI and ADP Non-farm employment change for more cues on the economy. As long as the US data keeps coming better, yields might continue the upside, weighing down on bullions,” said Ravindra V.Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities.
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