Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading in the green on Friday despite mixed global cues, while the silver rate is down 0.13%. On Multi Commodity Exchange, gold April futures were trading at Rs 55,743 per 10 grams, up Rs 156 or 0.28%. Silver March futures were trading lower by Rs 83 at Rs 65,642 per kg on MCX.
Globally, the yellow metal prices rose on Friday as the dollar weakened, though investor worries that recent economic data could lead the U.S. Federal Reserve to keep raising interest rates capped gains, according to Reuters. Spot gold was up 0.2% at $1,826.45 per ounce. U.S. gold futures gained 0.4% to $1,834.80.
Gold prices are likely to trade on a negative bias
“Gold prices hit its 6 week low on Thursday as a drop in U.S. weekly jobless claims number supported the Fed’s stance on higher interest rate regime. Meanwhile, the country’s GDP increased at a revised 2.7% annualized rate in Q4 2022, revised down from 2.9% reported last month. Silver futures hit the most and slid more than 1% after a strong rally in the dollar index, which crossed its previous highs at 104.66.
Gold prices are likely to trade on a negative bias as strong economic numbers and expectation of higher U.S. PCE numbers would raise the probability of further rate hike. MCX gold is likely to slide towards the next support at 55,200, followed by 55,000. On the upside 10 day EMA at 56,200 would act as key resistance for the price. MCX Silver is likely to follow the path of the yellow metal and is expected to slip towards the 65,400-65,000 zone,” said an ICICIdirect report.
Gold and silver to remain volatile in today’s session
“Gold and silver prices were sharply lower on Thursday, with the yellow metal hitting a seven-week low and silver poised to close at a seven-week low. There are bearish signals for metals as there are indications that the U.S. Federal Reserve will keep interest rates higher for longer, which will have negative demand implications for the metals markets. The U.S. GDP report came in a little hotter than expected, which briefly pushed the U.S. bond yields higher and supported gains in the U.S. dollar index and pushed gold and silver prices lower.
We expect gold and silver to remain volatile in today’s session. Gold has support at $1808-1795 while resistance is at $1834-1842. Silver has support at $21.05-20.85, while resistance is at $21.40-21.58. In INR terms gold has support at Rs 55,240-55,010, while resistance is at Rs 55,960, 56,250. Silver has support at Rs 63,950-63,520, while resistance is at Rs 64,790–65,380,” said Rahul Kalantri, VP Commodities, Mehta Equities.