Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading flat on Tuesday as a result of negative global cues, while the silver rate is down 0.11%. On Multi Commodity Exchange, gold April futures were trading at Rs 56,996 per 10 grams, down Rs 51 or 0.09%. Silver March futures were trading lower by Rs 74 at Rs 68,515 per kg on MCX. Globally, gold prices edged marginally higher, as traders await the U.S. Federal Reserve’s interest rate hike verdict which will be announced later this week, according to Reuters. Spot gold rose 0.2% to $1,925.39 per ounce and was headed for a monthly gain of more than 5%. U.S. gold futures were up 0.1% at $1,940.30.
Gold witnessed select profit taking on Monday: Rahul Kalantri, Mehta Equities
“Bullion prices were mixed as gold ended marginally lower while silver inched up on Monday. Gold witnessed select profit taking after prices hit a nine-month high last week, as futures traders now focus on key events this week, including the outcome of the Federal Reserve and the European Central Bank decision on interest rates, and the U.S. jobs data.
The US Dollar and US Treasury bond yields rose ahead of the Fed meeting. Geo-political tensions between Iran-Israel and the Russia-Ukraine war could support safe haven buying in precious metals at lower levels.
We expect gold and silver to remain choppy ahead of the U.S. Fed meeting and Indian Union Budget. Gold has support at $1917-1905 while resistance is at $1942-1954. Silver has support at $23.52-23.35, while resistance is at $23.98-24.15. In INR terms gold has support at Rs 56,620-56,480, while resistance is at Rs 57,040, 57,210. Silver has support at Rs 67,950-67,420, while resistance is at Rs 69,050–69,480.”
Market participants discounting import duty cut on gold: Manav Modi, MOFSL
“Gold prices were flat, as market participants held back from making large bets ahead of the U.S. Federal Reserve policy decision and US economic data. Market participants are expecting a 25bps rate hike in their first of this year, however comments from Governor Powell regarding inflation and growth of the economy will be important to watch. Policy meeting from BOE and ECB is also scheduled later this week, where a rate hike of 50bps is expected from both. On the data front, last week growth data from the US were surprisingly better than estimates however US Core PCE was in line with expectations.
This week remains important as along with Manufacturing and service PMI data from major economies focus will also be on the US jobs market data. Market participants are discounting an import duty cut on gold in this budget, however we’ll have to wait for an official announcement regarding the same. Broader trend on COMEX could be in the range of $1905-1940 and on domestic front prices could hover in the range of Rs 56,600-57,250.”
Gold settled with a marginal loss on Monday: ICICIDirect report
“Gold prices erased their earlier gains and settled with a marginal loss on Monday as trader’s booked profit at higher levels ahead of this week’s key US Federal Reserve monetary policy. Additionally, a surge in US 10-year bond yields and rebound in the dollar index added downside pressure. The base trend in gold is still firm on hopes the US Fed will dial back the pace of rate hike. Even CME Fed watch tool indicates more than 98% probability of a 25 bps rate hike in February. Hence, any dip towards supports would bring buyers back into action and push gold price further towards 57200-57300 zone. Meanwhile, market participants will remain cautious ahead of CB consumer confidence data, which is likely to show consumer sentiments in the US improved MCX silver is likely to rise towards the key resistance zone of 69,200-69,300.”