Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices fell in India on Wednesday, despite positive global cues. On the Multi Commodity Exchange, gold June futures fell by Rs 279, or 0.56 per cent, to Rs 49,894 per 10 grams. Silver July futures were down by Rs 533 or 0.87 per cent to Rs 60,623 per kg. According to Reuters, global, strong Treasury yields and the aggressive position of the US Federal Reserve chief on inflation have pushed up the price of the yellow metal in the face of a weaker dollar. A weaker dollar makes gold more attractive to other currency buyers. Spot gold was up 0.1% at 8 1,816.56 an ounce, while U.S. gold futures were down 0.2% at 8 1,814.50.
Bhavik Patel, Commodity and Currency Analyst, Treadbulls Securities
The gold market has reversed its previous gains after Fed Chairman Powell said tightening monetary policy could be more aggressive if inflation does not subside. Gold is again near the জো 1800 support zone. On the MCX, the rupee continued to appreciate after hitting an all-time low yesterday, pushing the price below 50000 on the MCX. There are headaches for gold in the near future and we would advise investors to refrain from creating long positions. Gold is close to its oversold zone and so expect some technical bounce back but the initial trend still remains bearish.
Tapan Patel, Senior Analyst – Products, HDFC Securities
Gold prices traded weaker on Wednesday, and spot gold on the COMEX traded down 0.33% at $ 1808 an ounce in early trade. MCX Gold June futures open less around the rupee. 49910 per 10 g following weak global signal. Gold prices are falling on global cues, mixed with the rebound in the dollar and the easing of Chinese curves. The short-term price of the US FED puzzle is expected to remain in the current trading range of $ 1790-1830 at next June’s meeting. With COMEX Spot Gold support at $ 1790 and resistance at $ 1830 per ounce, we expect gold prices to decline for the day. MCX Gold Gold June support Rs. 49800 and resist Rs. 50300 per 10 grams.
Rabindra Rao, CMT, EPAT, VP – Head Commodity Research, Kotak Securities
COMEX gold traded lower at around 10 1810 / oz in a break of the recent slide on the US dollar index after Fed Chairman Jerome Powell’s scathing remarks. ETF outflows also show continued outflows by investors. However, supportive price rise concerns, inflation concerns and Russia-Ukraine tensions continue. Market players reacted to the economic numbers and the central bank’s comments that gold prices may remain low but the Fed’s tough stance could put pressure on prices.
Navneet Damani, Senior Vice President – Commodity and Currency Research, Motilal Oswal Financial Services
Gold prices traded stable above the $ 1800 level amid a fall in the dollar index, rising geopolitical tensions and a resurgence of the Covid case. However, following positive economic data and Governor Powell’s comments, prices have seen some upward pressure. On the data front, U.S. retail sales rose sharply in April, demand remained strong despite high inflation and alleviated some fears that the economy was heading for a recession; While industrial production data has also been reported better than expected. Governor Powell, in his speech yesterday, expressed concern about rising inflation and assured the market that the Fed would use any means necessary to ease inflationary pressures. There have been some reports of missile strikes from Russia on military installations in Lviv, so it will be important to keep an eye on updates on these strikes. Today the focus will be on CPI data. From the UK, EU and US broad trends, some accommodation numbers in COMEX can be between $ 1775-1840 and the interior front price can be between Rs 49,650-50,250
(Opinions on this story have been published by relevant experts from research and brokerage firms. Financial Express Online bears no responsibility for their advice. Please consult your investment advisor before investing.)