Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate and silver rate in India were trading in the positive territory on Friday on the back of pullback in US dollar. On Multi Commodity Exchange, gold December futures were ruling Rs 71 up at Rs 50,258 per 10 gram, as against the previous close. Silver December futures were trading Rs 280 or 0.5 per cent up at Rs 56,440 per kg on MCX. Globally, yellow metal prices edged higher supported by a pullback in the US dollar, but the Federal Reserve’s commitment to stay on an aggressive rate-hike path kept the metal on track for its sixth straight monthly decline, according to Reuters. Spot gold was up 0.2% at $1,663.79 per ounce. While prices are headed for their biggest weekly gain in seven, it is down 2.8% for the month so far. U.S. gold futures rose 0.3% to $1,673.10.
Jigar Trivedi, Senior Analyst – Currency & Commodity, Reliance Securities
MCX gold October, already up by 1.22% in the week gone by, is trading in a tight range ahead of an important data release. The RBI is likely to announce a 50 bps hike in the policy and rupee may strengthen in case of hawkish statements. The dollar index gave up earlier gains falling toward 112 after tumbling more than 1% in the previous session, as the pound pushed above $1.11 and the Yuan gained for the first time in nine days after the CCP warned of further currency intervention. The DXY initially tracked gains in treasury yields as fresh data showed weekly claims fell to a 5-month low, and PCE prices were revised higher in Q2. Hawkish remarks from Federal Reserve officials and the rejection of a possible currency agreement among major economies also supported the dollar. For intraday We recommend to wait for the policy outcome later short gold in case October future slips below Rs. 49,900 per 10 gram.
Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities
Gold prices have recovered from lows of 48980 and now are back above 50000 level. Safe haven buying is evident after fall in equities and risk aversion rising. Currency and bond markets have been very volatile so safe traders are accumulating gold. With RBI’s policy today, there will be volatility in Indian rupee which will get reflected in MCX prices. Any dips should be bought as we may see some more upside on the back of US dollar retreat.
Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services
Gold prices edged higher, supported by a pullback in the U.S. dollar, but the Federal Reserve’s commitment to stay on an aggressive rate-hike path kept the metal on track for its sixth straight monthly decline. Fed policymakers are expected to press ahead with raising U.S. borrowing costs to fight soaring inflation, impacting both the global financial market as well as the taking in U.S. jobs market. The dollar index held near a one-week low touching the levels of ~111.70, as active intervention from BOE supported the move in Pound. Euro zone economic sentiment fell sharply and by more than expected in September, as confidence dropped among companies and consumers, who are also downbeat about price trends in the coming months. U.S. growth reported another quarter of contraction, although were in-line with expectations at -0.6%. There are also updates regarding geo-political tensions which are improving the sentiment for safe haven assets.
A positive move in base metals yesterday after China’s intervention supported the move in silver as well. On the data front, focus today will be on the U.S. Core PCE and Michigan inflation expectations numbers. Also, market participants will keep an eye on RBI policy meetings. Broader trend on COMEX could be in the range of $1640-1680 and on domestic front prices could hover in the range of Rs 50,000-50,675.
(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.)