Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX Gold prices tumbled on Thursday, while silver rates fell 0.26%. On the Multi Commodity Exchange, gold October futures were trading at Rs 58,468 per 10 grams, down by Rs 213 or 0.36%. Silver September futures were trading down by Rs 180 at Rs 69,542 per kg on the MCX.
Gold prices touched five-month lows on Thursday, as the US dollar and Treasury yields gained momentum after recent upbeat economic data added weight to expectations the Federal Reserve would carry on with its policy tightening, according to Reuters. Spot gold was subdued at $1,891.70 per ounce, dropping to its weakest level since March 15. US gold futures shed 0.3% to $1,921.80.
Gold to remain volatile
“Gold and silver prices fell to day’s low on Wednesday, as the Federal Reserve maintained its hawkish bias, leaving its options open for another rate hike as inflation remained elevated, according to the minutes of the Fed. The FOMC minutes also showed that the Committee remains focused on inflation, with some participants suggesting that rates need to move higher to bring consumer prices back to the central bank’s 2% target, thus putting pressure on the bullion. The dollar index hit three-month highs and sustained above 103 marks and the US 10-year bond yields crossed 4.25%, which also pushed precious metal prices lower,” said Rahul Kalantri, VP Commodities, Mehta Equities.
“We expect gold and silver to remain volatile in today’s session. Gold has support at $1880-1866 while resistance is at $1905-1914. Silver has support at $22.24-22.10, while resistance is at $22.55 – 22.71. In INR terms gold has support at Rs 58,370, 58,210, while resistance is at Rs 59,010 – 59,210. Silver has support at Rs 69,110 – 68,420, while resistance is at Rs 70,040 – 70,540,” Rahul Kalantri added.