Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading higher on Monday amid mixed global cues, while the silver rate is up 0.52%. On Multi Commodity Exchange, gold February futures were trading at Rs 54,470 per 10 grams, up Rs 170 or 0.31%. Silver March futures were trading up by Rs 350 at Rs 68,000 per kg on MCX. Globally, the yellow metal sought to recoup its losses as the dollar was slightly lower, making gold less cheaper for international traders. However, the prospect of further interest rate hikes kept the gains in check, according to Reuters. Spot gold was up 0.1% at $1,794.60 per ounce, US gold futures rose 0.2% at $1,804.00, and the dollar index slipped 0.1%.
Rahul Kalantri, VP Commodities, Mehta Equities
Gold and silver prices ended firm on Friday after a sharp correction a day before. Gold may also be getting a mild safe-haven bid as the US and global stock markets are witnessing a selloff in the wake of a hawkish stance by major central banks. Precious metals showed safe haven buying at lower levels amid rising tensions between Russia-Ukraine and weakness in global equity markets.
We expect bullion prices to remain volatile in today’s session. Gold has support at $1778-1765 while resistance is at $1805-1815. Silver has support at $22.92-22.75, while resistance is at $23.48-23.65. In INR terms gold has support at Rs 54,120-53,950, while resistance is at Rs 54,480-54,650. Silver has support at Rs 67,250-66,880, while resistance is at Rs 68,520–68,980.
MCX gold prices likely to break key support level of 54,150: ICICIDirect report
Gold prices edged up on Friday as US services PMI slumped to 44.4 in December 2022, well below market expectations of 46.8. The latest data signaled the fastest pace of contraction in the service sector for four months. However, sharp upside was capped on rise in US treasury yields and strong US dollar. Gold prices are expected to trade with a negative bias for the day amid strong dollar and rise in US treasury yields. Further, Fed officials signaled that the bank has to lift borrowing costs higher than expected and keep them there for longer to squeeze elevated inflation out of the economy. MCX gold prices are likely to break the key support level of 54,150 to trade in a downward trend towards the level of 53,900 in the coming trading session. MCX silver prices are expected to take cues from gold prices and continue their downward trend towards 66,500 levels.
Navneet Damani, Sr. VP, Commodity & Currency, MOFSL
Gold prices eased in early Asian hours, as the market expected more interest rates hikes in the next year by the US central bank. Fed policymakers may need to lift US borrowing costs above the peak 5.1% they penciled in just this week, and keep them there perhaps into 2024 to squeeze high inflation out of the economy, three of them signaled on Friday. Along with the Fed, ECB and BOE also raised their interest rate by 50bps last week and mentioned about getting inflationary pressure under control The dollar index and US Yields were also up last week further weighing on the safe haven assets. On the other hand, US preliminary service and manufacturing PMI data were reported weaker than expectations. Also, continuous updates and worry about China’s covid cases and global growth supported the prices on the lower end. Indian gold dealers offered bigger discounts to attract consumers who delayed purchases due to a spike in prices last week, while China’s reopening plans have kept premiums firm in the world’s top bullion buyer. Broader trend on COMEX could be in the range of $1770-1810 and on domestic front prices could hover in the range of Rs 54,200-54,650.