Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading in the positive territory on Thursday, following the release of the US Fed minutes. On the Multi Commodity Exchange, gold October futures were up Rs 135 or 0.3 per cent to Rs 51,678 per 10 gram, as against the previous close of Rs 51,543. Silver September futures were ruling at Rs 56,751 per kg, down Rs 164 or 0.3 per cent. Globally, yellow metal prices rose on Thursday, as the dollar and Treasury yields pulled back slightly after U.S. Federal Reserve minutes hinted policymakers may be less aggressive on future rate hikes, according to Reuters. Spot gold was up 0.3% at $1,765.89 per ounce, after falling to a two-week low of $1,753.97 in the previous session. U.S. gold futures gained 0.2% to $1,780 per ounce.
Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services
Gold and silver price trade steady after inching lower in the previous session, as the dollar and Treasury yields pulled back slightly after U.S. FOMC minutes hinted policymakers may be less aggressive on future rate hikes. In their July meeting minutes, Fed officials mentioned that the pace of rate hikes in future policy meetings will now depend on incoming economic data points, as well as assessments of how the economy was adapting to the higher rates already approved. After the release of the minutes, market participants are discounting a 50bps rate hike in the September meeting. CFTC position as of last week did see a strong rebound although, ETF flows are affecting overall sentiment. Broader trend on COMEX could be in the range of $1 750-1785and on domestic front prices could hover in the range of Rs 51,000-51,950.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities
COMEX gold trades marginally higher near $1780/oz amid choppiness in US dollar index and bond yields as FOMC minutes failed to give much clarity about Fed’s monetary tightening stance. FOMC minutes showed that the central bank wants to continue with rate hikes to control inflation but is also wary about overtightening and its impact on economic growth. Fed’s indecisiveness means that market players may look at economic numbers and central bank comments to determine Fed’s next move. Gold may remain volatile as support from global growth worries, geopolitical issues and inflation concerns is countered by weaker investor interest and concerns about consumer demand. However, with the Fed expected to continue with rate hikes, the US dollar may remain supported and this may pressurize gold.
Tapan Patel, Senior Analyst — Commodities, HDFC Securities
Gold prices traded steady on Thursday with COMEX Spot gold prices were trading marginal up near $1765 per ounce in the morning trade. MCX Gold October futures opened firm near Rs. 51661 per 10 gram. Gold prices have kept range bound trading in the past few days on mixed global cues over the pace of FED rate hike and inflation worries. The firm dollar has capped upside in the yellow metal along with a couple of positive economic data. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1750 and resistance at $1780 per ounce. MCX Gold October support lies at Rs. 51200 and resistance at Rs. 51800 per 10 gram.
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