Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading lower in India on Wednesday on the back of weak global cues as investors await U.S. inflation data. On Multi Commodity Exchange, gold October futures were ruling Rs 162 or 0.3 per cent down at Rs 52,327 per 10 gram, as against the previous close of Rs 52,489. Silver September futures were trading at Rs 58,641 per kg, down Rs 150 or 0.3 per cent. Globally, yellow metal prices struggled for momentum as investors refrained from making big bets ahead of U.S. inflation data that is expected to influence the pace of Federal Reserve rate hikes, according to Reuters. Spot gold was down 0.1% at $1,791.60 per ounce, while U.S. gold futures were down 0.2% at $1,808.20.
Tapan Patel, Senior analyst — Commodities, HDFC Securities
Gold prices traded steady on Wednesday with spot gold prices at COMEX were trading near $1792 per ounce in the morning trade. MCX Gold October futures opened near Rs. 52400 per 10 gram in line with COMEX prices. Gold prices held a strong trading range ahead of US inflation data with market expectations of another record in the numbers. We expect gold prices to trade sideways to trade sideways to up for the day with COMEX Spot gold support at $1780 and resistance at $1810 per ounce. MCX Gold October support lies at Rs. 52100 and resistance at Rs. 52800 per 10 gram.
Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities
Gold market participants will be keenly watching today’s US CPI data. Market has also discounted that CPI will decline owing to fall in crude oil and commodity prices. Despite CPI coming weak, US Fed might raise interest rate by 75 bps in Sept 20-21 meeting as jobs data have come robust. The dollar has declined fractionally over the last two trading days which has helped gold prices. Again COMEX gold made a high of $1800 yesterday but once again failed to sustain above that level. Gold is trading at four week high in COMEX. In MCX, the chart is still positive for gold and we would advocate buy on dips today with resistance at 52800 and support at 52000.
Pritam Patnaik, Head – Commodities, HNI and NRI Acquisitions, Axis Securities
The gold traders remain a little cautious as they are eagerly awaiting the US CPI data which is due later in the day today, as this data is expected to be the guiding factor for the Fed’s next policy initiatives, to tackle inflation. The market’s exceptions remain split as far as the US inflation data expectations goes. While one set expects the CPI numbers to come in higher, a Reuters poll indicates a lower inflation reading of 8.7% in July , as against 9.1% in June, with core inflation at 0.5% month on month. With both the dollar index and bond yields holding study, gold prices will face some head winds in the near term. That said, the long term up-move remains very much on the cards.
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