Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading lower in India on Tuesday, on the back of weakness in international rates. On Multi Commodity Exchange, gold June futures were ruling at Rs 51,498 per 10 grams, as against the previous close of Rs 51,533. Silver May futures were trading at Rs 66,206 per kg, down Rs 89 or 0.13 per cent. Globally, yellow metal prices inched lower as the US dollar held firm on rising prospects of more Russian sanctions, and bigger interest-rate hikes by the Federal Reserve to rein in inflation. Spot gold was down 0.2% at $1,929.60 per ounce while US gold futures were flat at $1,933.60.
Tapan Patel, Senior analyst — Commodities, HDFC Securities
Gold prices traded steady on Tuesday with spot gold prices at COMEX were trading near $1928 per ounce in the morning trade. MCX Gold June futures traded weak near Rs. 51491 per 10 gram following weak global cues. Gold prices have kept tight trading range on possible new sanctions on Russia and higher inflation while strong US data and aggressive FED stance has capped upside. The 10 year US Treasury yields were slightly down near 2.39% while dollar index was trading marginal down in the morning trade. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1910 and resistance at $1940 per ounce. MCX Gold June support lies at Rs. 51200 and resistance at Rs. 51900 per 10 gram.
Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities
Gold is consolidating after seeing its best quarter in about two years. The Hawkish Federal Reserve has made money manager’s trim their speculative positions by 6103 contracts while short positions rose by 727 contracts thus making gold’s net long length down by nearly 6% from last week. Gold’s net length has dropped for four consecutive weeks, falling to the lowest point since early February. Briefly, the 2 year and 10 year yield inverted for the first time since 2019 which is a sign of recession and gold usually thrives during this period. FOMC minutes will be published this week and market participants will wait for commentary to know when the Fed is going to raise the 50 bps hike. In the short term, we expect prices to trade in range.
Jigar Trivedi is Manager — Non-Agro Fundamental Research, Anand Rathi Shares & Stock Brokers
The undertone is positive in the yellow metal. The US and Europe were planning new sanctions to punish Moscow over civilian killings in Ukraine, and President Volodymyr Zelenskiy warned more deaths were likely to be uncovered in areas seized from Russian invaders. On the other side, a stronger dollar makes gold less attractive for other currency holders. MCX Gold June futures may rise to Rs. 51,800 per 10 gram.
Nirpendra Yadav, Senior Commodity Research Analyst, Swastika Investmart
Gold prices rose marginally yesterday on talk of stronger sanctions on Russia over its invasion of Ukraine. However, the strong US dollar and bond yield kept the gain limited. There is very little sign of peace talk progress as most of the news shows the death toll of civilians is rising in Ukraine. Investors are awaiting for Fed’s meeting minutes for an indication of a 50 basis point rate hike, which supports the US dollar index and bond yield. Yesterday Gold prices remained supportive and traded above the support levels of 51300 as Oil prices also supported the yellow metals. Gold is likely to move towards 52000 levels amid uncertainty over the Russia-Ukraine war.
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