Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading flat to positive on Thursday, following global cues. On Multi Commodity Exchange, gold June futures were ruling Rs 75 or 0.15 per cent up at Rs 50,879 per 10 grams. Silver July futures were trading in red, down Rs 202 or 0.33 per cent at Rs 60,550 per kg. Globally, yellow metal prices gained as the dollar and Treasury yields slipped after U.S. consumer price data suggested inflation might have peaked in April, allaying some concerns of more aggressive Fed rate hikes, according Reuters. Spot gold was up 0.2% at $1,855.11 per ounce, having risen as much as 1.1% in the previous session. U.S. gold futures rose 0.2% to $1,856.90.
Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities
Gold prices are steady after yesterday’s US CPI number which came more than expected at 8.3% vs expectation of 8.1% and down from previous data of 8.5%. The fact that the actual numbers showed that inflation remains persistent, and above predictions created strong ripples throughout multiple asset classes. Post release of data, the US dollar rallied and all asset classes witnessed correction although gold prices did bounce above $1850. Investors have been reevaluating their risk-on positions as the Federal Reserve looks to tighten by 50-basis-points in June as it fights inflation. $1800 and 50500 continue to be the floor for the market and we might see gold trading in range today digesting yesterday’s CPI number. Expect prices to trade in the range of 50300-51300 for the next couple of days.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities
COMEX gold trades mixed near $1850/oz after a 0.7% gain yesterday. Gold has recovered from a 3-month low as US dollar index and bond yields shed some of their recent gains. Gold also benefited from increased demand as inflation hedge as inflation data from major economies highlighted higher price pressure. ETF outflows and Fed’s monetary tightening outlook has however kept a check on gold price. Gold has stabilized near $1850/oz level however a sharp rise may not materialize unless the US dollar index corrects sharply.
Pritam Patnaik, Head – Commodities, HNI, and NRI Acquisitions, Axis Securities
Gold prices received a much required respite in yesterday’s day of trade . This was largely thanks to the softer US Treasury yields and a downbeat dollar index. This was a little surprising given the fact that the US inflation data came in higher than market expectations, which would ideally cement the Fed’s hawkish stance . The bonds witnessed a fourth consecutive day drop , with the US 10-year Treasury yields dropping 1.4 basis points (bps) to 2.92%, around a two-week low. The US CPI rose to 8.3% YoY versus 8.1% expected and 8.5% prior. The Fed commentary post the data was a mixed bag, with a hawkish undertone. The US Jobless Claims and monthly Producer Price Index (PPI) data will help establish a clear trend for gold today. Technicals indicate a short relief rally, but stop losses are an absolute must, given the volatility in the market.
Tapan Patel, Senior Analyst — Commodities, HDFC Securities
Gold prices held steady on Thursday with spot gold prices at COMEX were trading firm near $1854 per ounce in the morning trade. Gold June futures at MCX opened positive near Rs. 50911 per 10 gram supported by positive global cues and rupee depreciation. Gold prices witnessed knee-jerk reaction post US inflation data which slightly rose in the month of April. The dollar and US bond yields responded to the record inflation numbers boosting buying in gold. The fall in equity indices and plunge in crypto currencies also supported gold prices to trade firm. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1830 and resistance at $1870 per ounce. MCX Gold June futures support lies at Rs. 50500 and resistance at Rs. 51200 per 10 gram.
(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.)