Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices climbed to a 12-month high in India on Tuesday, as geopolitical tensions increased safe-haven appeal. Gold prices were last seen at current levels in January 2021. On Multi Commodity Exchange, gold April futures surged Rs 327 or 0.7 per cent to Rs 50,243 per 10 grams, as against the previous close of Rs 49,916. Silver March futures were ruling at Rs 64562, up Rs 329 or 0.51 per cent. Globally, yellow metal prices edged higher as heightened tensions between Russia and the West over Ukraine prompted investors to pull back from riskier assets and opt for safe-haven bullion, according to Reuters. Spot gold was up 0.1% at $1,871.52 per ounce, while U.S. gold futures edged 0.2% higher to $1,873.40.
Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services
Gold prices continue to edge higher towards a three month peak, hovering well above the $1850 mark, as heightened tensions between Russia and the U.S. over Ukraine prompted investors to pull back from riskier assets and opt for safe-haven bullion. Equities in the yesterday’s session saw a steep fall over the geo-political tensions while U.S. Dollar and Yields were trading higher over the expectations regarding Fed’s policy tightening move. Fed official Bullard in his yesterday’s speech reiterated his view about an aggressive rate hike to combat inflationary concerns. On other hand, there are no positive updates from the Russia-Ukraine tension, in fact the G7 countries mentioned about joining hands incase of invasion or act of war. citizen’s of many countries have already been called out of Ukraine as sign of precaution. Market participants today will focus on the EU GDP data and U.S. Core PPI data whereas FOMC meeting minutes will be in focus for this week. Broader trend on COMEX could be in the range of $1855- 1900 and on domestic front prices could hover in the range of Rs 49,800- 50,600
Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities
Gold prices continue to climb over its previous peak of three month high levels as heightened tensions between Russia and the West over Ukraine prompted investors to pull back from riskier assets and opt for safe-haven bullion. Both gold and the U.S. dollar are truly acting as safe-haven assets as the equity asset class saw massive beating yesterday. This need for safety of investors was also evident in the ETFs as reports came that Friday saw inflows of nearly 6 tons. Thursday’s FOMC minutes will give some idea how aggressive US Feds will be but historically US Fed have always started raising rates by 25 bps but market are now thinking that Fed may increase by 50 bps because of higher than expected inflation number. We reiterated what we stated yesterday that this week avoid taking any short positions in gold and wait for any dip to take long position with stoploss of 49500.
Tapan Patel, Senior analyst — Commodities, HDFC Securities
Gold prices traded higher on Tuesday with spot gold prices at COMEX were trading 0.28% up near $1877 per ounce in the morning trade. MCX Gold April futures were trading around half a percent up near Rs. 50185 per 10 gram in line with strong global peers. Gold prices extended gains on strong buying on safe haven and inflation hedge over rising energy costs and fear of supply disruption in metal and energy markets over Russia-Ukraine tension. The weaker dollar and plunge in equity indices also pushed gold prices up. We expect gold prices to trade higher with COMEX Spot gold support at $1860 and resistance at $1890 per ounce. MCX Gold April futures support lies at Rs. 49800 and resistance at Rs. 50500 per 10 gram.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities
COMEX gold trades marginally higher near $1873/oz after a 1.5% gain yesterday. Gold trades near a 3-month high supported by safe haven buying amid tensions relating to Russia, increased inflation concerns amid rising crude oil and commodity prices and increased volatility in equities. However, weighing on price is Fed’s monetary tightening expectations which has kept US dollar supported. Gold ETF investors have moved to side-lines after recent inflows. Gold may remain firm unless there are concrete measures to resolve the Russia-Ukraine standoff.
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