Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading lower on Thursday, as rates in international markets fell. On Multi Commodity Exchange, gold June futures tanked Rs 307 or 0.6 per cent to Rs 51,469 per 10 gram. Silver May futures plunged Rs 806 or 1.20 per cent to Rs 66,600 per kg. Globally, yellow metal prices inched lower but prices were set for their biggest quarterly gain since September 2020, as the Russia-Ukraine conflict lifted demand for the safe-haven metal, according to Reuters. Spot gold was down 0.3% at $1,926.46 per ounce, while US gold futures were down 0.4% at $1,931.00.
Tapan Patel, Senior Analyst — Commodities, HDFC Securities
Bullion prices traded weak with spot gold prices at COMEX traded half a percent down near $1921 per ounce in the morning trade. Gold prices traded down in the morning trade pressured by stronger dollar and progress over Russia-Ukraine talks. The Kremlin on Wednesday welcomed that Kyiv had set out its demands for an end to the conflict in Ukraine in written form, but said there was no sign of a breakthrough yet. However, the inflation worries may limit down side in gold while investors may also await for key non farm payroll data of Friday. We expect bullion prices to trade sideways to up for the day. MCX Gold June resistance for the day at Rs. 51800 per 10 grams with support at Rs. 51200 per 10 grams.
Ravi Singh-Vice President and Head of Research, Share India Securities
Gold may trade in a range bound zone between 51500 – 50700 this week as Ukraine Russia peace talks are pointing towards progress, though a weaker dollar and a drop in yields limited losses.
Buy Zone Above – 51200 for the target of 51500
Sell Zone Below – 50700 for the target of 50400
Sriram Iyer, Senior Research Analyst, Reliance Securities
Technically, if MCX Gold June trades below 51685 it could continue a bearish momentum up to the support zone at 51500-51225. However, a trade above could push the prices to the resistance zone at 51960-52145. International silver spot and COMEX futures have started weaker this early Thursday morning in Asian trade as investors await jobless claims and inflation data. Technically, if COMEX Silver May trades below $25.078 level it could witness a bearish momentum up to the support zone at $24.890-$24.670. However, a trade above could push prices to the resistance zone at $25.300-$25.490. Technically, if MCX Silver May trades below 67430 it could witness a bearish momentum up to the support zone at 67060-66715. However, a trade above could push prices to the resistance zone at 67775-68140.
(The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)