Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading in the negative on Thursday, while the silver rate is down 0.34%. On Multi Commodity Exchange, gold June futures were trading at Rs 60,244 per 10 grams, down Rs 44 or 0.07%. Silver May futures were trading lower by Rs 257 at Rs 75,215 per kg on MCX.
Globally, the yellow metal inched down on Thursday, after hitting a more than two-week low in the previous session, as investors grappled with the likelihood of more interest rate hikes by central banks to contain inflationary pressures. Spot gold was down 0.1% at $1,992.23 per ounce, as of 0332 GMT. U.S. gold futures fell 0.2% to $2,004.00.
Gold traded under the $2000 mark
“Gold price traded marginally lower with spot gold at Comex was trading down by 0.07% at $1992 per ounce in the morning trade. Gold price came under pressure and price hit fresh swing low of $1969 per ounce on Wednesday as uptick in US dollar and bond yield, however price managed to recover heavy losses and settled slightly down by 0.52% at $1994 per ounce. Recently gold prices closely linked with US inflation related news, the Fed’s Beige Book report released on Wednesday also showed that while economic conditions had somewhat cooled in recent weeks, inflation continued to run relatively hot. Traders are betting on further monetary tightening this year which could weigh on yellow metal.
“We expect gold short term trend to remain bearish until price trades below $2010 level per ounce and fall will likely extend to $1950 per ounce ounce price break support of $ 1969 per ounce. Comex spot gold having support at $1965/$1950 per ounce and resistance at $2005/$2017 per ounce. MCX Gold June future having support at Rs 59,450 per 10 gram and resistance at Rs 60,570 per 10 grams,” said Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities.
Gold to remain volatile in today’s session
“Gold and silver traded below their key levels on Thursday due to pressure from a resurgence in the dollar and mounting expectations that major central banks across the globe will keep raising interest rates in the near-term. Hotter-than-expected inflation in the UK cemented expectations for more rate hikes by the Bank of England, while markets also began to price in a greater chance of more hikes by the Federal Reserve in the next two months.
“We expect gold and silver prices to remain volatile in today’s session. Gold has support at $1982-1970 while resistance is at $2012-2024. Silver has support at $24.94-24.78, while resistance is at $25.35-25.48. In INR terms gold has support at Rs 59,940-59,750, while resistance is at Rs 60,520, 60,690. Silver has support at Rs74,820-74,110, while resistance is at Rs 75,950–76,450,” said Rahul Kalantri, VP Commodities, Mehta Equities.