Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India surged over 1 per cent on Monday, on the back of positive global cues. On the Multi Commodity Exchange, gold April futures soared Rs 433 or 0.88 per cent to Rs 49,547 per 10 gram, as against the previous close of Rs 49,114 per 10 gram. Silver March futures jumped Rs 798 or 1.3 per cent to Rs 63,786 per kg. Globally, yellow metal prices held their ground near a three-month high touched in the previous session, as lingering concerns surrounding Ukraine kept the metal’s safe-haven appeal intact, according to Reuters. Spot gold was steady at $1,859.16 per ounce, while U.S. gold futures rose 0.9% to $1,859.00 per ounce.
Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services
Gold continued to inch higher and held its ground near a three month peak it touched in the previous session, as the concerns surrounding Ukraine kept the metal’s safe-haven appeal intact. Expectations regarding Fed’s aggressive policy tightening move in the march meeting after a 7.5% inflation which is at 40-year high and the U.S. 10Y yields hovering around 2% capped some gains for the metal. Although the inflationary concerns with the rising Russia-Ukraine tussle influenced market participants to shift from riskier assets to safe haven assets.Russia could create a surprise pretext for an attack, the U.S. said on Sunday. However, Moscow denies any such plans and has accused the West of “hysteria”, even as it has more than 100,000 troops massed near Ukraine. U.S. consumer sentiment fell to its lowest level in more than a decade in early February amid expectations that inflation would continue to increase in the near term. Market participants will keep an eye on the inflation data on the domestic front and speech from ECB Gov. Lagarde. Broader trend on COMEX could be in the range of $1830- 1875 and on domestic front prices could hover in the range of Rs 49,100- 49,900
Tapan Patel, Senior analyst commodities, HDFC Securities
Gold prices traded steady on Monday with spot gold prices at COMEX were trading near $1854 per ounce in the morning trade. MCX Gold April futures opened higher near Rs. 49474 per 10 gram. The yellow metal rallied more than 2% on Friday to three months high on heightened tension on Russia-Ukraine stand-off. The geopolitical risk spurred buying in gold despite imminent rate hike expectations from the US FED. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1840 and resistance at $1870 per ounce. MCX Gold April support lies at Rs. 49100 and resistance at Rs. 49700 per 10 gram.
Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities
Gold prices have taken out $1850 resistance as markets worry that Federal Reserve could opt for an emergency rate hike before the March meeting to try and tame inflation after US CPI came at 7.5% against expectation of 7.3%. The Fed is now losing some investor confidence and they are trying to play catch up which is benefiting gold. When US Fed raises rates, immediate reaction would be sell off but overall the beginning of a rate cycle will be bullish for gold. Highlight for this week would be FOMC minutes on Thursday. Another reason for boost off in gold prices are US warning that Russia could attack Ukraine anytime. Gold could breach the $1,900 an ounce level if there is a military action. In MCX, gold prices are also getting a boost from the weak rupee which has depreciated from 74.99 to 75.62 in the span of two trading sessions mainly on account of the status quo from RBI. This week shorts should be avoided in gold looking at uncertainty of Russia and Ukraine and also any action from Fed after looking at red hot inflation numbers.
Nirpendra Yadav, Senior Commodity Research Analyst, Swastika Investmart
Gold prices in the domestic and international market have been bullish in the last week. Currently, gold and silver prices are fluctuating in line with inflation and geopolitical tensions. The Reserve Bank of India did not raise interest rates in its monetary policy last week and talked about controlling inflation, while the continuous increase in the prices of food, energy, and industrial metals was expected to increase inflation, due to which the price of gold continued to rise.
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