Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading flat on Friday, while the silver rate is up 0.31%. On Multi Commodity Exchange, gold April futures were trading at Rs 59,340 per 10 grams, up Rs 2. Silver May futures were trading higher by Rs 22 at Rs 71,994 per kg on MCX.
Globally, the yellow metal prices edged up on Friday, en route to their best monthly performance since July 2020, as the recent banking system crisis led to expectations of a less-aggressive U.S. Federal Reserve, making bullion an attractive bet. Spot gold was up 0.1% at $1,981.59 per ounce. U.S. gold futures rose 0.1% to $1,982.00. Bullion was also set for a second consecutive quarterly gain, up 8.6% so far.
Gold to remain highly volatile in trade
“Gold and silver prices traded higher on Thursday, with silver hitting a two-month high as bullish technical charts are fueling speculative buying interest in the two precious metals. A depreciating U.S. dollar is also working in favor of the metals market. The U.S. data released this week were also mixed and supported precious metals. Traders and investors are looking for today’s U.S. personal consumption and expenditures (PCE) data that will provide fresh clues on inflation and whether the U.S. economy is headed toward recession.
We expect gold and silver to remain highly volatile in today’s session. Gold has support at $1968-1955 while resistance is at $1996-2010. Silver has support at $23.68-23.55, while resistance is at $24.20-24.34. In INR terms gold has support at Rs 59,180-58,850, while resistance is at Rs 59,680, 59,810. Silver has support at Rs 71,120-70,510, while resistance is at Rs 72,490–73,210,” said Rahul Kalantri, VP Commodities, Mehta Equities.
Gold prices gained nearly 1% on Thursday
“Gold prices gained nearly 1%, while silver gained more than 2% in the previous session, as weaker dollar and lower bond yields drove demand for the precious metal, while investors kept their eyes peeled for U.S. inflation data to gauge the Federal Reserve’s next move. The dollar index dipped 0.5%, making gold more attractive for overseas buyers, while benchmark 10-year Treasury yields eased, hovering around the 3.5% mark.
“On the data front, market participants were cautious ahead of the US final Q4 GDP data, which was reported at 2.6%, against previous data at 3.2%. The Fed’s favored inflation gauge, core personal consumption expenditures (PCE), is due later today. Investors will be looking for clues about the path of the U.S. central bank’s monetary policy. According to the CME FedWatch tool, markets are pricing in a roughly 50-50 chance of the Fed maintaining rates at current levels at its May meeting. Broader trend on COMEX could be in the range of $1960-1995 and on domestic front prices could hover in the range of Rs 59,500-60,300,” said Manav Modi, MOFSL.