Gold Rate Today, Gold Price on 23 June 2021: Yellow metal gains as US Fed won’t raise rates; MCX silver up – Gold Price Forecast, Gold Price Outlook

Gold prices are hovering in steady range with dollar fluctuations and mixed global cues, said an analyst. Image: Reuters

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India gained on Wednesday, on the back of positive global cues after US Federal Reserve Chair Jerome Powell vowed not to raise interest rates too quickly. On Multi Commodity Exchange, gold August futures were trading Rs 80 or 0.17 per cent up at Rs 47,091 per 10 gram, as against the previous close of Rs 47,011. Silver July futures were trading at Rs 67,819 per kg. Silver futures ended at Rs 67,515 per kg in the previous session. Globally, spot gold was up 0.1 per cent at $1,780.06 per ounce. US gold futures were steady at $1,777.60 per ounce, according to Reuters. US Fed Powell on Tuesday reaffirmed the US central bank’s intent to encourage a broad and inclusive recovery of the job market.

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Sriram Iyer, Senior Research Analyst at Reliance Securities

On the domestic front, MCX gold August is holding a support near 100-DMA which is placed at 46,900 levels above which could see an upside move towards 47,200-47,350 levels. MCX Silver July holds support near 67,000-65,900 levels. Resistance is at 68,700-69,800 levels.

Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers

Comex Gold declined by 0.25% in Tuesday’s session as traders waited for more clarity on monetary policy after the central bank struck a hawkish tone last week. From day’s low point Comex Gold rebounded marginally as US Fed Chair Jerome Powell promised not to raise interest rates too quickly based only on the fear of coming inflation. The dollar retreated even after US reported better-than-expectation sales of existing homes in May. (Actual 5.80M vs. forecast 5.72M). On the domestic front, MCX Gold for August future closed at Rs 46,011 per 10 gram down by Rs 63 although rupee weakened sharply. MCX BULLDEX June future closed at Rs 14,495 down by Rs 37. Outlook for gold in intraday is positive since Fed Chair Powell at testimony rejected possibility of quick rate hike in near future. MCX gold August is expected to appreciate to Rs. 47,250/10 gram today.

Tapan Patel, Senior Analyst (Commodities), HDFC Securities

Gold prices traded firm with spot gold prices at COMEX were trading near $1782 per ounce in the morning trade. The yellow metal gained momentum after FED Chaiman Jerome Powell warned that the economic recovery requires more time before stimulus unwinding. He reaffirmed that tighter monetary policy is far away on higher inflation concerns. Gold prices are hovering in steady range with dollar fluctuations and mixed global cues. The dollar index fell from two month highs below 92 mark post FED testimony. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1765 and resistance at $1800 per ounce. MCX Gold August support lies at Rs. 46800 and resistance at Rs. 47300 per 10 gram.

(The views in this story are expressed by the respective experts of research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)