Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading higher on Monday as a result of positive global cues, while the silver rate is up 0.72%. On Multi Commodity Exchange, gold February futures were trading at Rs 56,057 per 10 grams, up Rs 314 or 0.56%. Silver March futures were trading higher by Rs 500 at Rs 69,655 per kg on MCX. Globally, the yellow metal prices rose on Friday, gaining over 1% amid expectations of a less hawkish Fed as a result of US jobs, nonfarm payroll data, causing the dollar index and Treasury yields to slip. Spot gold rose 1.6% to $1,863.18 per ounce. U.S. gold futures were up 1.5% to $1,867.60.
Expect gold and silver to remain volatile: Rahul Kalantri, Mehta Equities
“Gold and silver prices posted strong gains on Friday evening after profit taking in the dollar index and U.S. 10-year bond yields. The disappointing U.S. macro data for November pushed gold back to six-month highs after the economy and employment showed signs of cooling. Following the moderate U.S. economic data analysts are now expecting that the U.S. Fed could increase interest rates by 25 basis points in the February meetings as the economy is on the slower path after aggressive rate hikes in 2022.
We expect gold and silver to remain volatile in today’s session and could hold its support levels. Gold has support at $1858-1845 while resistance is at $1885-1898. Silver has support at $23.72-23.55, while resistance is at $24.30-24.48. In INR terms gold has support at Rs 55,640-55,450, while resistance is at Rs 56,080, 56,450. Silver has support at Rs 69,050-68,580, while resistance is at Rs 69,920–70,580.”
Fed Chair’s speech and US CPI figures may influence prices: Ravindra V. Rao, Kotak Securities
“COMEX Gold saw a dramatic turnaround on Friday and hit a seven month high of $1875.2/oz on Friday in line with a pull back in the greenback. Dollar reversed gains made earlier in the session and slipped to 103.6 as wage growth fell to 0.3% mom, less than expected 0.4%, leading to bets that slowing wage growth may prompt Fed to moderate their policy stance. Markets largely ignored job additions and drop in unemployment rate. The US economy added 223,000 jobs in December, beating expectations of 200,000 while the jobless rate slipped to 3.5%. Not only this, ISM Services PMI fell to 49.6 in December, slipping into contraction for the first time since May 2020, and sharply lower from November’s reading of 56.5. This highlighted the impact of higher interest rates on economic activity. Today, COMEX Gold prices are trading 0.7% near $1884/oz supported by extended losses in dollar; however Fed Chair Powell’s speech and US CPI figures may influence prices later in the week.”
Gold may surpass 55,800 resistance: ICICIDirect Report
Gold prices edged up on Friday as the dollar and US treasury yields fell after US economic data showed easing wage growth and contraction in the service sector. Disappointing economic data cemented expectations of a less hawkish Fed. Apart from this, two US Fed officials signalled a smaller rate hike at the next policy meeting. Gold is expected to trade with a positive bias for the day amid weakness in the dollar and decline in US treasury yields. Further, bullion prices may be supported on expectations that the US Federal Reserve will slow the pace of interest rate hikes. MCX Gold is likely to surpass the key resistance level of 55,800 to continue its upward trend towards the level of 56,200 level. MCX silver prices rose almost 1.60% on Friday. It is likely to surpass the hurdle of 69,800 to continue its upward trend towards the level of