Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate and silver rate were trading flat in India on Tuesday on pullback in dollar. On Multi Commodity Exchange, gold October futures were ruling Rs 50 or 0.10 per cent down at Rs 49100 per 10 gram as against the previous close of Rs 49150. Silver December futures were up Rs 48 at Rs 55400 per kg. Globally, yellow metal prices rose as the dollar’s rally paused, but prices held close to a 2-1/2-year low on expectations of further policy tightening by the US Federal Reserve in its efforts to quell soaring inflation, according to Reuters. Spot gold gained 0.6% at $1,631.89 per ounce. Prices hit their lowest level since April 2020 at $1,620.20 on Monday. U.S. gold futures rose 0.3% to $1,638.1.
Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities
Gold price continues to trade around 2.5 year low on rising government bond yields and strong US Dollar. Traders are ramping up short positions on gold, with fund managers more bearish on the metal than any other time over the past four years. Gold has outperformed other asset classes as although the gold market has seen some significant selling pressure, dropping briefly to fresh two-year lows at $1,630 an ounce, prices are still only down less than 10% since the start of the year. Looking at how the US dollar and yields are faring, gold should be down by 30%. Growing recession risks as central banks continue to tighten monetary policy worldwide should also provide some support for the yellow metal. Intraday support is at 48800 while resistance is at 49600. Expect prices to remain under pressure today.
Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services
Gold prices were steady after a fall in yesterday’s session amidst sharp upside in U.S. Dollar Index and Yield on expectations of further policy tightening by the U.S. Federal Reserve in its efforts to quell soaring inflation. Dollar Index continue to hover around its 20year highs; while anticipation of further rate hikes is supporting the move in U.S. Yields, U.S. 10Y yield hit their highs last seen in 2010. Fed officials sloughed off rising volatility in global markets, from slumping U.S. stocks to currency turbulence abroad, and said their priority remained controlling domestic inflation. Global economic growth is slowing more than it was forecast a few months ago in the wake of Russia’s invasion of Ukraine, as energy and inflation crises risk snowballing into recessions in major economies, the OECD said. China’s net gold imports via Hong Kong jumped nearly 40% to an over four-year high in August, as demand continued to rebound in the world’s biggest consumer of the metal. While outflow in SPDR holdings continues to hurt the market sentiment. Along with speeches from the Fed and ECB Governor, focus today will also be on the U.S. Consumer confidence and Core durables goods orders data. Broader trend on COMEX could be in the range of $1615-1660 and on domestic front prices could hover in the range of Rs 49,375-49550.
Abhishek Chauhan, VP – Commodity & Currency, Mandot Securities
Prices of gold and silver recovered, as pressure from the dollar appeared to have eased, creating the demand for safe haven Gold which moves slightly higher. The DX retreated slightly after scaling a new 20-year high on Monday near to 115 levels. A selloff in most other asset classes and rising interest rates globally boosted the greenback’s safe haven demand, helping the currency largely overtake gold as a preferred safe haven buy this year. In Comex, gold has support at $1610-1620, while resistance is at $1645-1655.Silver has support at $18.00-18.20, while resistance is at $19.00-19.15. In rupee terms at MCX gold has support at Rs 48930-49000, while resistance is at Rs 49500-49650. Silver has support at Rs 55200-55000, while resistance is at Rs 56800–57000.
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