Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading in red on Wednesday, after the yellow metal in global markets slipped off a two-week peak on the firm dollar. On Multi Commodity Exchange, gold June futures were trading Rs 67 or 0.13 per cent down at Rs 51,090 per 10 gram. Silver July futures were ruling at Rs 61,946 per kg, down Rs 30. Globally, yellow metal prices edged lower, slipping from a two-week high hit in the previous session, as the dollar reclaimed some ground, but uncertainty over the trajectory of inflation supported safe-haven bullion’s outlook, according to Reuters. Spot gold eased 0.2% to $1,862.48 per ounce, and U.S. gold futures dipped 0.2% to $1,861.60.
Jigar Trivedi, Manager — Non-Agro Fundamental Research, Anand Rathi Shares & Stock Brokers
Weakness in the dollar index along with a fall in U.S. Treasury yields from their recent highs has provided a supportive environment for gold. The greenback hit a one-month low of 101.74, while US 10-year Treasury yields also edged lower as weakness in equities revived safe-haven demand for the debt. Once the Fed delivers half-of-a-percentage point rate hikes (in June and July) as Chair Jerome Powell has signaled, a pause in September might make sense. For intraday, after five sessions of an upbeat momentum, gold may experience a pull back. MCX Gold August may decline to Rs 51,100 per 10 gram.
Tapan Patel, Senior Analyst — Commodities, HDFC Securities
Gold prices traded firm with spot gold prices at COMEX held steady trading near $1862 per ounce on Wednesday morning trade. MCX Gold June futures opened near Rs. 51089 per 10 gram in line with mixed global cues. The dollar index was trading marginal up which capped upside in the yellow metal. The US 10 year treasury yields were 0.31% up near 2.76%. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1840 per ounce and resistance at $1876 per ounce. MCX Gold June support lies at Rs. 50900 and resistance at Rs. 51500 per 10 gram.
Bhavik Patel, Commodities & Currency analyst, Tradebulls Securities
Gold prices rallied yesterday after a drop in USD and Treasury yields. Risk aversion is keener in the general marketplace early this week, and that’s inviting safe-haven demand for the precious metals. Today’s FOMC minutes will guide gold prices in the short term as the market may get an idea about how far the US Fed is willing to tame inflation by sacrificing economic growth. Even though in the short term we may see gold prices remain above $1820 but there are headwinds in the form of rising rates from the Fed next meeting. Technically, a breakout above $1868 could trigger a move towards $1885 and $1900. Sustained weakness under $1850 is seen opening the doors towards $1820 and $1800. In MCX prices are expected to remain steady and buy on dips should be the strategy today.
(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.)