Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading lower in India on Wednesday despite positive global cues. On Multi Commodity Exchange, gold June futures were down Rs 279 or 0.56 per cent to Rs 49,894 per 10 gram. Silver July futures were ruling at Rs 60,623 per kg, down Rs 533 or 0.87 per cent. Globally, yellow metal prices edged higher as a weakening dollar countered pressure from stronger Treasury yields and an aggressive stance on inflation by the U.S. Federal Reserve chief, according to Reuters. A weaker dollar makes gold more attractive for buyers holding other currencies. Spot gold was up 0.1% at $1,816.56 per ounce, while U.S. gold futures dipped 0.2% to $1,814.50.
Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities
Gold market reversed its earlier gains after Fed Chairman Powell’s statement that monetary policy tightening could become more aggressive if inflation doesn’t come down. Gold once again is near to its support zone of $1800. In MCX, rupee has also been appreciating after touching a fresh all time low yesterday which has pushed prices in MCX below 50000. There are headwinds for gold in the near term and we would advise investors to refrain from creating long positions. Gold is near to its oversold region and so expect some technical bounce back but the primary trend still remains bearish.
Tapan Patel, Senior Analyst — Commodities, HDFC Securities
Gold prices traded weak on Wednesday with spot gold prices at COMEX were trading 0.33% down near $1808 per ounce in the morning trade. MCX Gold June futures opened lower near Rs. 49910 per 10 gram following weak global cues. Gold prices pared gains on dollar rebound and mixed global cues with China COVID easing. Prices are expected to keep the current trading range of $1790-1830 for short term on US FED jitters ove upcoming June meeting. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1790 and resistance at $1830 per ounce. MCX Gold Gold June support lies at Rs. 49800 and resistance at Rs. 50300 per 10 gram.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities
COMEX gold trades modestly lower near $1810/oz weighed down by a pause in recent slide in US dollar index following hawkish comments from Fed Chairman Jerome Powell. ETF outflows also showed continuing exodus by investors. However, supporting prices are increasing growth concerns, inflation concerns and persisting Russia-Ukraine tensions. Gold may remain choppy as market players react to economic numbers and central bank comments however Fed’s tightening outlook may keep pressure on prices.
Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services
Gold price trade steady above the $1800 level amidst fall in Dollar index, increasing geo-political tensions and resurgence of Covid cases. Although prices did witness some pressure from the higher side after positive economic data and comments from Governor Powell. On data front, U.S. retail sales increased strongly in April, suggesting demand was holding strong despite high inflation and assuaging some fears that the economy was heading into recession; while Industrial production data also was reported better than expectations. Governor Powell in his speech yesterday showed concerns regarding rising inflationary concerns and also assured the market that the Fed will use any tools necessary to get inflation pressure down. There were some reports regarding missile strikes from Russia at military facilities in Lviv, hence updates regarding these attacks will be important to keep an eye on. Focus today will be on the CPI data fro. U.K., EU and a few housing numbers from the U.S. Broader trend on COMEX could be in the range of $1775-1840 and on domestic front prices could hover in the range of Rs 49,650- 50,250
(The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)
