Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading in the green on Monday as a result of positive global cues for the metal, while the silver rate is up 0.06%. On Multi Commodity Exchange, gold April futures were trading at Rs 58,608 per 10 grams, up Rs 82 or 0.14%. Silver May futures were trading higher by Rs 43 at Rs 69,969 per kg on MCX.
Globally, the yellow metal prices rose on Tuesday as the dollar slipped, although an improvement in risk appetite after efforts by regulators to allay fears over the global banking system limited the safe-haven metal’s appeal. Spot gold was up 0.2% at $1,958.85 per ounce. U.S. gold futures rose 0.4% to $1,960.80.
Gold to remain highly volatile in trade
“Gold prices fell sharply while silver was marginally down in midday U.S. trading on Monday. However, both metal prices came off their lows in the later part of the session. Less risk aversion in the marketplace early this week is prompting profit taking while week long liquidation from the futures traders is also weighing. The dollar index and the U.S. 10-year bond yields also recovered from their lows and triggered profit taking in precious metals. However, higher inflation fears and increased geo-political tensions could support precious metals at lower levels.
“We expect gold and silver to remain highly volatile in today’s session. Gold has support at $1944-1930 while resistance is at $1969-1980. Silver has support at $22.84-22.65, while resistance is at $23.22-23.40. In INR terms gold has support at Rs 58,480-58,250, while resistance is at Rs 58,980, 59,260. Silver has support at Rs 69,520-69,050, while resistance is at Rs 70,890–71,450,” said Rahul Kalantri, VP Commodities, Mehta Equities.
Gold retraced from highs
“After slipping marginally lower in the previous week, gold prices drifted lower on Monday with over 1 percent cut. The safe-haven metal’s appeal was limited by the improvement in risk appetite following regulators’ efforts to contain concerns about the global banking system. On Monday, Bank of England Governor signalled that policymakers would focus on fighting inflation rather than worrying about the health of the global banking system. We expect gold to trade lower towards 57,800 levels, a break of which could prompt the price to move lower to 57,280 levels,” said Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One.