Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading higher on Tuesday despite mixed global cues, while the silver rate is down 0.22%. On Multi Commodity Exchange, gold April futures were trading at Rs 56,951 per 10 grams, up Rs 366 or 0.65%. Silver March futures were trading lower by Rs 147at Rs 67,429 per kg on MCX. Globally, gold prices ticked higher as the dollar receded; investors continue to watch the US Federal Reserve closely for further commentary on the monetary policy path, according to Reuters. Spot gold was 0.2% higher at $1,870.63 per ounce after hitting its lowest since 6 January in the previous session. U.S. gold futures rose 0.2% to $1,882.50.
Gold markets were jittery on Monday: Rahul Kalantri, Mehta Equities
Gold prices were modestly up and silver traded a bit weaker on Monday. Gold hit a four-week low overnight and silver a two-month low following a surprisingly strong U.S. jobs report on Friday that tanked the precious metals markets. Markets remained jittery on Monday led by U.S.-China tensions and tight United States labor market data, which has infused fresh blood into Fed’s policy tightening spell. Bullions also got weaker as the dollar gained 0.71% and the dollar index is currently settled at 103.485. Bullion traders will eye a speech from Federal Reserve Chair Jerome Powell.
We expect gold and silver to remain volatile in today’s session. Gold has support at $1851-1840 while resistance is at $1884-1892. Silver has support at $22.08-21.95, while resistance is at $22.62-22.85. In INR terms gold has support at Rs 56,520-56,360, while resistance is at Rs 57,270, 57,450. Silver has support at Rs 67,050-66,520, while resistance is at Rs 67,850–68,380.
MCX gold may move to support of 56,400: ICICI Direct
Bullion futures witnessed a pause in their decline after last week’s sharp sell off as strong labor data from the U.S. improved the prospects of more rate hike from the Fed. Weakness in major global markets and rising tension between U.S. and China after the U.S. shot down Chinese spy balloon over the Atlantic has increased the safe haven appeal of the yellow metal.
Bullion prices are likely to weaken further following a strong rebound in the U.S. dollar index. Now, the focus shifts towards the Fed Chair’s speech at the Economic Club of Washington DC. Any clues from the meeting towards the interest rate stance will be closely monitored. MCX Gold is likely to move towards the initial support at 56,400. A move below would weaken further towards 56,000. MCX Silver is likely to move towards the key support at 66,800.
Gold prices near one-month low: Manav Modi, Analyst, MOFSL
Gold prices steadied at a near one-month low amid continued pressure from strength in the dollar and Treasury yields, with focus now turning to economic cues from a talk by Federal Reserve Chair Jerome Powell later in the day. Metal had a muted session at the start of this week after witnessing a weekly decline after seven weeks, as stronger-than-expected U.S. jobs data saw markets broadly shift their expectations for interest rate hikes by the Fed. U.S. Central Bank had last week raised interest rates as expected and signaled that it will keep doing so in the near-term, as it continues to move against inflation. Market participants today will keep their eye on discussion with Fed Chair Jerome Powell at the Economic Club of Washington D.C. later in the day. Focus this week will also be on the RBI monetary policy meet. Broader trend on COMEX could be in the range of $1855-1895 and on domestic front prices could hover in the range of Rs 56,600-57,350.