Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate was trading flat on Friday, while the silver rate is down 0.4%. On Multi Commodity Exchange, gold February futures were trading at Rs 54,093 per 10 grams, down Rs 14 or 0.03%. Silver March futures were trading down by Rs 268 at Rs 67,550 per kg on MCX. Globally, the yellow metal traded higher on Friday, but is still bound for a weekly loss after the US Fed hiked interest rates and continued their hawkish stance in the fight against inflation, according to Reuters. Spot gold rose 0.2% to $1,780.63 per ounce but was down nearly 1% so far in the week. US gold futures were up 0.1% at $1,789.40.
Rahul Kalantri, VP Commodities, Mehta Equities
Gold and silver prices were sharply lower on Thursday due to profit-taking from shorter-term futures traders amid sharp gains in the US dollar index. A still-hawkish US central bank also contributed to the weakness in the precious metals.
The European Central Bank and the Bank of England monetary policy on Thursday raised their main interest rate by 0.5%, in tandem with the US Federal Reserve’s half-point rate hike a day before. The central banks of Switzerland and Norway also raised their interest rates Thursday but in smaller increments of policy tightening. The US retail sales and core retail sales data released on Thursday were also below expectations and also pushed both precious metals lower.
We expect bullion prices to remain volatile in today’s session. Gold has support at $1768-1755 while resistance is at $1792-1805. Silver has support at $22.80-22.55, while resistance is at $23.48-23.65. In INR terms, gold has support at Rs 53,820-53,650, while resistance is at Rs 54,280-54,450. Silver has support at Rs 67,250-66,880, while resistance is at Rs 68,520–68,980.
Navneet Damani, Sr. VP, Commodity & Currency, MOFSL
Gold price trade steady after witnessing a fall and are set for a weekly loss, pressured by expectations of higher interest rates for a longer period by the US Federal Reserve. The Fed on Wednesday raised interest rates by 50 basis points as expected, but Fed Chair Jerome Powell said the central bank would deliver more rate hikes next year even as the economy slips towards a recession. Gold caught some bids earlier this week on signs of easing US inflationary pressures, although it swiftly reversed this trend after the Fed warned that US interest rates will likely peak at higher-than-expected levels. BoE and ECB also followed the Fed and raised rates by 50bps, maintaining a similar stance that financial conditions will continue to tighten even as economic performance deteriorates. Series of weak economic data did briefly support bullions. US Retail sales data was reported weaker than expected at -0.6%. focus today will be on the EU CPI, UK Retail sales, manufacturing and service PMI data from major economies. Broader trend on COMEX could be in the range of $1760-1800 and on domestic front prices could hover in the range of Rs 53,800-54,600.