Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading mildly in the green domestically on Monday despite negative global cues for the metal, while the silver rate is down 0.24%. On Multi Commodity Exchange, gold April futures were trading at Rs 59,406 per 10 grams, up Rs 23 or 0.04%. Silver May futures were trading lower by Rs 165 at Rs 68,336 per kg on MCX.
Globally, the yellow metal prices dropped on Monday, with their safe-haven appeal diminished as risk sentiment improved after Swiss lender UBS sealed a deal to buy peer Credit Suisse in a rescue effort to stabilize global financial markets. Spot gold was down 0.7% at $1,973.44 per ounce, after sliding 1% earlier in the session. U.S. gold futures rose 0.3% to $1,978.40.
Gold and silver to remain highly volatile
“Gold and silver prices traded higher, with the yellow metal hitting a six-week high in the international market on Friday as investors rushed to safe haven buying amidst ongoing turmoil in the global financial space. A weaker U.S. dollar index, firmer crude oil prices and a dip in U.S. Treasury yields provided support to the precious metals. The technical charts were also bullish for gold and silver, which invited more speculators to the long sides of these markets. The market is now gearing up for this week’s Federal Reserve monetary policy meeting where investors are predicting a 25-basis-point hike in the interest rate, but investors would be more keen on the Fed’s outlook on key rates.
“We expect gold and silver to remain highly volatile in today’s session. Gold has support at $1958-1945 while resistance is at $1988-2005. Silver has support at $22.10-21.90 while resistance is at $22.55-22.70. In INR terms gold has support at Rs 59,050-58,750, while resistance is at Rs 59,580, 59,750. Silver has support at Rs 67,920-67,310, while resistance is at Rs 69,090–69,780,” said Rahul Kalantri, VP Commodities, Mehta Equities.
Gold prices continue to surge higher
“Gold prices this week continued to surge northwards, as prices are nearing the $2000/ounce mark. Bullion this week gained nearly 4 percent given the rising uncertainty in the global markets due to the banking crisis. For the third week in a row, gold has increased in price as demand for safe-haven assets surged due to the US banking crisis. Prices continued to head higher as the appeal of non-yielding gold increased because of predictions of less aggressive Federal Reserve rate increases following the failure of two significant US regional banks.
“Gold bullion prices in euros also rose to levels not seen since records were set last year, while gold prices in pounds reached a new high. The CPI, on the other hand, had a 6% increase in February, which was the smallest increase from the previous year since September 2021. The European Central Bank adhered to its goal to raise interest rates by 50 basis points in order to combat inflation. We expect gold to trade higher towards 60,150 levels, a break of which could prompt the price to move higher to 60,790 levels,” said Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One