Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold and Silver were trading flat on Wednesday. Gold futures on the multi-commodity exchange for June delivery were trading at Rs 60297, up 54 points and Silver futures for July delivery fell 60 points to Rs 72,525. Globally, gold prices steadied on Wednesday, as investors fretted over prolonged US debt-limit negotiations, with a firmer dollar keeping prices in check. Spot gold rose 0.1% to $1,991.35 per ounce. US gold futures were little changed at $1,995.20. Spot silver rose 0.1% to $23.76 per ounce after hitting a six-week low in the previous session. Platinum gained 0.6% to $1,063.71, and palladium edged 0.3% higher to $1,505.93.
Looming concerns of potential US debt default keep gold prices buoyed
Gold rate plunged on Tuesday as investors gauged developments on US debt ceiling talks, robust retail sales data and hawkish comments from Fed officials. Markets are expecting Fed to pause rate hikes in the June meeting and adopt a “wait and watch” approach. Meanwhile, US Retail sales increased in April, suggesting consumer spending is holding up in the face of economic headwinds including inflation and high borrowing costs.
“Looming concerns regarding a potential US debt default have kept gold prices buoyed for the past few days. However, yesterday, President Joe Biden and congressional leaders said they were optimistic a deal was possible, even as House Speaker Kevin McCarthy warned that the two sides remained far apart. Resolving the crisis might be a short-term headwind for gold price,” said Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities Ltd.
Gold support placed at Rs 60080/59750; resistance at Rs 60580/60850
“We expect gold price should consolidate within range and recovery is likely to see until the price hold above $1980 per ounce. For the day Comex spot gold has supports at $ 1980/$1966 per ounce and resistance at $2010/$2024 per ounce. MCX Gold June Future has supports at Rs 60080/59750 per 10 grams and resistances at Rs 60580/60850 per 10 grams,” said Saumil Gandhi, Senior Analyst (Commodities), HDFC securities.