Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading lower on Wednesday amid mixed global cues, while the silver rate is down 0.1%. On Multi Commodity Exchange, gold February futures were trading at Rs 54,729 per 10 grams, down Rs 32 or 0.06%. Silver March futures were trading up by Rs 68 at Rs 68,945 per kg on MCX. Globally, the yellow metal prices rose mildly on Thursday as the U.S. dollar softened, making gold less expensive for overseas traders, according to Reuters. Spot gold was up 0.2% to $1,807.57 per ounce after dropping 1% in the last session. U.S. gold futures fell 0.1% to $1,814.30 while the dollar index slipped 0.2%.
Rahul Kalantri, VP Commodities, Mehta Equities
Gold and silver prices ended lower on Wednesday due to profit taking after the recent gains, which saw gold hit a six-month high on Tuesday and silver an eight-month high last week. Profit taking by shorter-term futures traders was also evident. Market traders are maintaining a cautious stance ahead of the new year holidays and are waiting for fresh fundamentals that will provide directional moves to precious metals. However, downbeat U.S. pending home sales data supported gold and silver prices at lower levels. The U.S. pending home sales slipped 4.0% in November following a drop of 4.6% in October month.
We expect bullion prices to remain range bound in today’s session. Gold has support at $1792-1780 while resistance is at $1820-1832. Silver has support at $23.32-23.15, while resistance is at $23.72-23.90. In INR terms, gold has support at Rs 54,650-53,510, while resistance is at Rs 54,940, 55,080. Silver has support at Rs 68,450-67,980, while resistance is at Rs 69,420–69,880.
Navneet Damani, Sr. VP, Commodity & Currency, MOFSL
Gold prices fell from last session’s six-month peak as the U.S. dollar firmed and Treasury yields remained elevated, while worsening Covid situation in top bullion consumer China, weighed on prices. The dollar index steadied above the 104 mark and benchmark 10-year yields held close to their highest levels in more than a month. China on Monday scrapped its Covid-19 quarantine rule for inbound travelers even as hospitals and funeral homes were under intense pressure from surging Covid-19 cases. Contracts to buy U.S. previously owned homes fell far more than expected in November, diving for a sixth straight month in the latest indication of the hefty toll the Fed’s interest rate hikes are taking on the housing market as the central bank seeks to curb inflation. Major central banks, including the BOJ have shown concerns regarding inflation and are expected to raise rates further in the next year. Focus today will be on the U.S. weekly jobless claims data. Broader trend on COMEX could be in the range of $1790-1820 and on domestic front prices could hover in the range of Rs 54,500-55,200.
MCX Gold is expected to correct: ICICI Direct report
Gold prices slipped yesterday amid a strong dollar and surge in US treasury yields. Additionally, investors weighed worsening Covid situation in top metal consumer China. However, further downside was cushioned on risk aversion in global markets. Additionally, pending home sales fell far more than expected in November largely due to Fed’s interest rate hikes to combat soaring inflation. Gold prices are likely to trade with a negative bias mainly on the back of a firm dollar and rise in US treasury yields. Further, investors turned cautious following a worsening Covid situation in top bullion consumer China. Moreover, investor’s focus will now shift to jobless claims data, which is likely to show that more people filed for unemployment claims. MCX Gold is expected to correct towards 54400, followed by 54100 levels.