Gold Price Today, 30 June 2022: MCX Gold to hover in Rs 50300-51400 range, support at Rs 50500

Gold Rate Today, Gold Price in India on 30 June 2022: Gold prices were trading weak in India on Thursday, despite positive global trends.

Gold Rate Today, Gold Price Today in India
Gold prices are stuck in the narrow range on mixed global cues.

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading weak in India on Thursday, despite positive global trends. On Multi Commodity Exchange, gold August futures were ruling Rs 17 down at Rs 50,712 per 10 gram. So far this fiscal year, MCX gold has fallen 2.4 per cent. Silver September futures were trading at Rs 59,708 per kg, down Rs 83 or 0.14 per cent. Globally, yellow metal firmed as U.S. Treasury yields dipped, but faces its worst quarter since early 2021, as the dollar cemented its place as the safe-haven asset of choice, amid top central banks adopting aggressive tactics against runaway inflation, according to Reuters. Spot gold was up 0.1% at $1,818.31 per ounce, while U.S. gold futures also firmed 0.1% to $1,819.70.

Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services

Gold prices see-sawed in the previous session, caught between headwinds from aggressive interest rate hikes and support from safe-haven bids spurred by growing recession risks. The dollar ticked up towards recent two decade peaks, and could record its best quarter in over five years. Dollar index rose from ~103.80 levels to above 105 within two days, weighing on the precious metals pack. The U.S. reported a contraction of 1.6% against expectations of -1.5% in the final GDP number, increasing the fears of global growth slowdown. Although market participants are factoring in an aggressive stance from the Fed in their next meeting in July, there are debates about a 75bps or 100bps  rate hike, as the central bank is determined to bring the inflationary pressure down. Bringing down high inflation around the world will be painful and could even crash growth but must be done quickly to prevent rapid price growth from becoming entrenched, the world’s top central bank chiefs. A cautious approach is advised amidst this noise of recession and aggressive rate hike. Focus today will be on growth numbers from UK and Core PCE data from the U.S. Broader trend on COMEX could be in the range of $1805-1830 and on domestic front prices could hover in the range of Rs 50,300-51400

Bhavik Patel, Commodity & Currency Analyst, Tradebulls Securities

Gold prices saw sharp fall after US GDP data came lower than expected and the US Fed committed to tackle inflation. Investors feared that US and world economies may go into recession which prompted buying of safe haven US Dollar. Gold once again is at its support zone of $1811-1800 in COMEX. From a technical point of view, the gold trend is slightly bearish and breach below $1800 could see traders adding fresh short. Gold’s range bound movement is a bit of concern as volumes have dried up as well as interest. Usually when any commodity trades sideways, its precursor to bearish movement. We would watch to see if gold breaks $1800 or again bounces back around its mean average of $1833.

Tapan Patel, Senior Analyst — Commodities, HDFC Securities

Gold prices held steady on Thursday with COMEX Spot gold prices were trading flat near $1820 per ounce in the morning trade. MCX Gold August contract opened flat near Rs. 50726 per 10 gram in line with COMEX gold prices. Gold prices are stuck in the narrow range on mixed global cues. Prices are not budging from current range over FED hike expectations and slowdown fears. The dollar index and US bond yields were also steady post US GDP numbers. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1810 and resistance at $1830 per ounce. MCX Gold August futures support lies at Rs. 50500 and resistance at Rs. 51000 per 10 gram.

(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.)

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