Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading higher in India on Tuesday, on the back of positive global trends. On Multi Commodity Exchange, gold August futures were trading Rs 87 or 0.2 per cent up at Rs 50,822 per gram. Silver July futures were up Rs 241 or 0.4 per cent at Rs 60,985 per kg. Globally, yellow metal prices edged up as the dollar eased, even as investors kept a keen eye on posturing from major central banks on interest rate hikes for a clearer outlook for bullion, according to Reuters. Spot gold was up 0.2% at $1,841.01 per ounce. U.S. gold futures firmed 0.1% to $1,843.10.
Bhavik Patel, Commodity/Currency analyst, Tradebulls Securities
Tapan Patel, Senior Analyst — Commodities, HDFC Securities
Gold prices traded steady on Tuesday with spot gold prices at COMEX were trading flat near $1840 per ounce in the morning trade. MCX Gold August futures opened higher near Rs. 50812 per 10 gram following firm COMEX gold prices. Gold prices have held ground on a weaker dollar and lack of fresh triggers post volatile week. The recession fears and aggressive rate hike from US FED may keep tug of war on keeping gold prices in range.
We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1820 and resistance at $1860 per ounce. MCX Gold August futures support lies at Rs. 50500 and resistance at Rs. 51100 per 10 gram.
Jigar Trivedi, Manager — Non-Agro Fundamental Research, Anand Rathi Shares & Stock Brokers
Gold may stay range bound as investors weighed the outlook for monetary policy tightening amid concerns over inflation and a slowdown in growth. St. Louis Fed President James Bullard warned Monday that US inflation expectations could become “unmoored” without credible action from the Fed, possibly leading to a new regime of high price pressures and volatile real economic performance. MCX Gold Aug may slightly rise to Rs 50, 850 per 10 gm.
Pritam Patnaik, Head – Commodities, HNI and NRI Acquisitions, Axis Securities
With the US dollar index saving off its gains, the gold prices have witnessed a small bounce back. That said, the US 10 year treasury Yields rose, capping the upside of gold prices. It’s getting difficult to second guess the intended policy action of global central banks, which is keeping the gold markets range bound. While the high inflationary environment is ideal for gold, which is a traditional hedge against inflation, a buoyant bond market has dented the appeal of a non-interest yielding asset like gold. Thus, we expect the range bound movement to continue.
(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.)
Leave a Reply