Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading flat on Thursday, on the back of tepid global cues as the stronger US Dollar countered the Ukraine crisis. Gold futures on MCX for April delivery were trading Rs 15 up at Rs 51,782 per 10 grams, while silver futures for May delivery were ruling at Rs 68,129 per kg, down Rs 135. Globally, yellow metal prices remained unchanged as the dollar gained and yields hovered near multi-year peaks, offsetting support from an escalation in the Ukraine crisis, according to Reuters. Spot gold was little changed at $1,943.75 per ounce, while US gold futures were up 0.4% to $1,944.40.
Jigar Trivedi, Manager — Non-Agro Fundamental Research, Anand Rathi Shares & Stock Brokers
Gold may hold on to gains as investors wait for potential new sanctions against Russia that could further burnish the metal’s haven appeal. The U.S. and European Union are close to a deal aimed at slashing Europe’s dependence on Russian energy, ahead of President Joe Biden’s meetings with allies in Brussels. Amid rise in the safe haven buying, MCX Gold April future may rise to Rs. 51,950 per 10 gram.
Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services
Gold rose as unruly inflation and the intensifying Ukraine crisis increased demand for safe haven metal, although a firmer dollar and high bond yields put a lid on gains. Prices have since moved into a more steady range as the market digested a more hawkish outlook from Fed policymakers, although continuous updates regarding the geo-political tension continue to keep market participants on the edge. Reports regarding U.S., EU and other levying further sanctions on Russia support rally in bullions. Prices for commodities such as oil and wheat have climbed as tensions in Ukraine have escalated, putting additional upward pressure on already high inflation due to supply chain bottlenecks. The Fed and few other major central banks have already set a path for an aggressive interest rate this year to combat against Inflation. Boosting the sentiment further, Holdings of the world’s largest gold-backed ETF, SPDR Gold Trust, hit their highest since March 2021 this week. Today focus will be on the preliminary Manufacturing and Service PMI, weekly jobless claims data and comments from Fed officials. Broader trend on COMEX could be in the range of $1920- 1960 and on domestic front prices could hover in the range of Rs 51,200- 52,350
Anuj Gupta, Vice President, IIFL Securities
Geopolitical tensions, higher crude oil prices, higher inflation are the major factors for supporting the yellow metal as safe haven demand. For intraday traders can go for buy at 51500 to 51600 levels with the stoploss of 51350 levels for the target of 52300 levels. They can also go for buy in silver at 67800 to 68000 with stoploss of 67200 for the target of 69300 to 69500 levels. In the international market Gold may test $1955 & Silver may test $26 levels soon.
Pritam Patnaik, Head – Commodities, HNI, and NRI Acquisitions, Axis Securities
The increasing probability of the U.S. and EU imposing fresh sanctions on Russia by way of slashing Europe’s dependence on Russian energy, has sent the oil prices higher, reaffirming the inflationary fear amongst the traders. Further, with no improvement or diplomatic breakthroughs in the Ukrainian war, gold has managed to retain its luster, this despite the fact that we are almost certain to see tighter monetary policy from all central banks in the coming days. The gold bulls have clearly ignored the hawkish statement made by the Fed chair. That said if gold sustains above $1958 resistance levels, then a bounce back is on the cards. Else it will continue to trade in a range of $1958 -$1900
Ravi Singh, Vice President & Head of Research, Share India Securities
Gold prices are expected to outperform even after the current war tension settles as due to the after-effects of war, higher commodities prices and soared inflation, the world would see some sort of recession zone where gold would be the preferred asset above all.
Buy Zone Near – 51600 for the target of 51900
Sell Zone Below – 51500 for the target of 51300
(The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)
