Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading higher in India on Tuesday, even as yellow metal remained muted in the global markets. On the Multi Commodity Exchange, gold February futures were trading Rs 60 up at Rs 47,515 per 10 gram, as against the previous close of Rs 47,455. Silver March futures were ruling at Rs 60,791 per kg, up Rs 124 on MCX. Globally, yellow metal prices were flat as markets anticipated quicker rate hikes based on key December U.S. inflation data due later this week, while stronger bond yields continued to cap gains, according to Reuters. Spot gold was little changed at $1,803.29 per ounce while US gold futures were up 0.2% to $1,802.20.
Tapan Patel, Senior Analyst — Commodities, HDFC Securities
Gold prices traded firm on Tuesday with spot gold prices at COMEX were trading near $1807 per ounce in the morning trade. MCX Gold February futures opened near Rs. 47537 per 10 gram in line with firm COMEX gold prices. Gold prices reclaimed $1800 territory supported by weaker dollar and decline in US bond yields on FED testimony and upcoming US CPI data. The selling in equity indices over virus worries also support buying in gold prices.
We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1790 and resistance at $1820 per ounce. MCX Gold February support lies at Rs. 47200 and resistance at Rs. 47700 per 10 gram.
Jigar Trivedi, Manager — Non-Agro Fundamental Research, Anand Rathi Shares & Stock Brokers
Yesterday, spot gold was little changed with a gain of $1.4 and ended at $ 1,798.8 an ounce, as markets anticipated quicker rate hikes based on key December U.S. inflation data due later this week, while stronger bond yields continued to cap gains.
Gold may edge higher despite U.S. 10-year Treasury yields hitting a two-year high, as traders hedged their positions against inflation and on-going geopolitical risks. Investors now await inflation data due on Wednesday. U.S. core CPI is expected to have risen by 5.4%, its highest in decades, in December, and up from 4.9% in the prior month. MCX Gold February may rise to Rs. 47,600 per 10 gram.
Bhavik Patel, commodity and currency analyst, Tradebulls Securities
Gold has been stuck between $1760 -$1830 since 22 November. Rising government bond yields are working against safe haven gold demand. The key data point for gold this week would be Wednesday’s consumer price index report for December, which is expected to come in at up 7.1%, year-on-year. Gold has strong headwinds against surging US Treasury yields and Fed’s quantitative tightening. Hedge funds have also dropped their speculative gross long positions in Comex gold futures by 6,137contracts to 124,252 while short positions have increased by 1,982 contracts to 44,744. In MCX, 47300 appears to be today’s support and we might see some weak bounce off but unless 48200 is not breached, we are not convinced that gold might stage any strong upmove. Gold is expected to remain relatively weak this week
Ravi Singh, Vice President & Head of Research, Share India Securities
On strong US dollar and treasury yields, gold prices are trading under pressure. Fed’s December meeting minutes has pushed ji gold to lower levels. However, traders are cautious and closely watching the development of Omicron for further position building in gold.
Buy Zone Above – 47450 for the target of 47800
Sell Zone Below – 47200 for the target of 47000
Abhishek Chauhan, Head of Commodity & Currency, Swastika Investmart
The dollar, which moves against gold prices, gained 0.30% yesterday. Easing Crude oil prices as Libya’s oil production bounce back to strengthen the Dollar put pressure on precious metals. US 10 year bond yield also rose to 1.80% which is attracting investors to park their money in the Dollar index. Selling pressure is expected in precious metals if prices rise towards resistance levels. Gold has resistance at 47700 and support at 47250. Silver has resistance at 61000 and support at 60000.
(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.)