Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India tumbled over half a per cent on Thursday, on the back of weak global cues. On the Multi Commodity Exchange, gold February futures were down 0.53 per cent or Rs 256 to Rs 47,765 per 10 gram, as against the previous close of Rs 48,021. Silver March futures crashed 1.42 per cent or Rs 881 to Rs 61,357 per kg, slipping below the Rs 62,000-mark. Globally, yellow metal prices were little changed, as a surge in US Treasury yields following hawkish meeting minutes released by the Federal Reserve offset the precious metal’s safe-haven demand amid rising cases of the Omicron coronavirus variant, according to Reuters. Spot gold was little changed at $1,810.59 per ounce while US gold futures fell 0.8% to $1,810.00.
Bhavik Patel, Commodity & Currency analyst, Tradebull Securities
Gold prices came crashing yesterday after the release of US Fed minutes which revealed a more hawkish tone and noted that with a tight labour market and high inflation, they will require faster higher rates and reduction in asset purchasing program. Markets are still waiting for the Fed to comment on the impact of the omicron variant but hawkish tone was enough to spook the market and we saw gold coming down from $1830 to $1810. Once again $1830 proved to be the decisive hurdle. Private US ADP job number also came higher than expected and we might see jobs data on Friday also come higher which might put pressure on Gold. In MCX, gold has support around 47500 while immediate resistance is 48150. We expect some pressure in Gold today due to strong US dollar and upcoming US Non Farm payroll data tomorrow.
Tapan Patel, Senior Analyst — Commodities, HDFC Securities
Gold prices traded steady on Thursday with COMEX Spot gold prices were trading near $1809 per ounce in the morning trade. MCX Gold February futures were half a percent down near Rs. 47768 in the opening trade despite a weaker rupee. The US ADP private payroll data reported growth in private payrolls which has capped upside in gold prices in previous trading. Prices pared some of the gains falling back to $1810 range pressured by firm dollar and strong US bond yields with increased expectations of rate hike. The heightened risk of omicron virus spreading has kept the risk premium high in gold prices.
We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1790 and resistance at $1830 per ounce. MCX Gold February support lies at Rs. 47600 and resistance at Rs. 48100 per 10 gram.
Ravi Singh, Vice President & Head of Research, Share India Securities
The gold prices are trading in a tight range after the release of the December Federal Reserve meeting minutes signaled a possibility of earlier and faster rate hikes due to increasing inflation. The Omicron concern is also rising day by day, making economic recovery vulnerable.
Buy Zone Above – 48200 for the target of 48500
Sell Zone Below – 47800 for the target of 47600
Abhishek Chauhan, Head of Commodity & Currency, Swastika Investmart
Gold gained as the Dollar index fell on a second consecutive day. Crude oil prices soared putting pressure on the Dollar index and supporting the precious metals. However, US ADP non-farm employment change data stood strong which capped the gain of Gold and Silver. US bond yield also retreated 1% in the previous session. Gold prices may remain supportive today and any correction could be a good buying opportunity in it. It has support at 47800 and resistance at 48250. Silver has support at 61100 and resistance at 63300.
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