Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading higher on Tuesday , while the silver rate is up 0.71%. On Multi Commodity Exchange, gold June futures were trading at Rs 60,351 per 10 grams, up Rs 288 or 0.48%. Silver May futures were trading higher by Rs 528 at Rs 74,851 per kg on MCX.
Globally, the yellow metal gained on Tuesday after falling over 1% in the previous session, as the dollar eased ahead of key U.S. inflation data. Spot gold was up 0.5% at $1,999.11 per ounce, as of 0456 GMT. U.S. gold futures rose 0.5% to $2,013.30.
Gold to remain highly volatile in trade
“Bullion on Monday slipped below the $2000 mark, slipping nearly 1 percent. Gold fell as the dollar rose, as investors awaited this week’s US inflation data, which might impact the Federal Reserve’s monetary policy path. According to data, the top bullion consumer China’s March inflation hit the slowest pace since September 2022, indicating that demand weakness continued despite an uneven economic recovery. A stronger-than-expected reading could indicate that the Fed will raise rates again in May. We expect gold to trade lower towards 59,660 levels, a break of which could prompt the price to move lower to 59,370 levels,” said Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One.
Gold prices inch higher
“Gold inched higher, after falling more than 1% in the previous session, as the dollar eased while investors awaited this week’s U.S. inflation data that could influence the Federal Reserve’s monetary policy trajectory. Strong U.S. employment report released on Friday raised bets that the U.S. central bank would raise interest rates next month, with markets pricing in more than 70% chance of a 25 basis-point hike, according to the CME FedWatch tool.
“Market participants, this week, are now also keeping an eye on the FOMC meeting minutes which could provide where comments from Governor Powell and officials will be important to keep an eye on. Federal Reserve Bank of New York President John Williams said that financial system troubles that drove the central bank to provide large amounts of credit to banks was not collateral damage from the Fed’s aggressive effort to lower inflation. SPDR holdings rose 0.25% to 933.22 tonnes on Monday, from 930.91 tonnes on Thursday. Broader trend on COMEX could be in the range of $1985-2010 and on domestic front prices could hover in the range of Rs 59,800-60,800,” said Manav Modi, MOFSL.