Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading flat in India on Thursday, on the back of muted global cues. On Multi Commodity Exchange, gold April futures were trading Rs 32 down at Rs 48,052 per 10 gram. Silver March futures were ruling at Rs 61,359 per kg, down Rs 144 on MCX. Globally, gold prices were little changed above the key $1,800 per ounce level, as U.S. Treasury yields retreated after a dip in U.S. jobs data, according to Reuters. Spot gold was flat at $1,807.39 per ounce, while US gold futures fell 0.1% to $1,808.
Bhavik Patel, commodity and currency analyst, Tradebulls Securities
Last 2 days Gold’s gain can be attributed to weakness in the US Dollar. The US dollar came lower after U.S. private payrolls fell for the first time in a year in January as soaring COVID-19 infections disrupted business operations. Investor focus now shifts to European Central Bank and Bank of England meetings on Thursday for cues on the pace of monetary policy tightening amidst soaring inflation. Labor market weakness could be short-lived as the COVID-19 omicron wave starts to wane and weak Non-Farm payroll on Friday will not impact Fed’s plan to tighten their monetary policy. We expect gold to trade in the range of 47750-48300. Trend is neutral to bullish with buy on dips strategy advised for intraday.
Tapan Patel, Senior analyst commodities, HDFC Securities
Gold prices traded steady on Thursday with COMEX Spot gold prices were trading near $1806 per ounce in the morning trade. MCX Gold April futures opened marginal down near Rs. 48049 per 10 gram. Gold prices are trading in range near $1800 per ounce this week fluctuating on dollar move with lack of fresh triggers. Prices have capped upside post US FOMC meeting with rate hike expectations in March. The softer dollar on weak US data and geopolitical risk has kept risk premiums high.
We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1790 and resistance at $1820 per ounce. MCX Gold April support lies at Rs. 47700 and resistance at Rs. 48300 per 10 gram.
Jigar Trivedi, Manager — Non-Agro Fundamental Research, Anand Rathi Shares & Stock Brokers
For the third straight day, spot gold increased, ending at $1,806.5 an ounce with a gain of $5 or 0.29% as U.S. Treasury yields retreated after a dip in U.S. jobs data. U.S. private payrolls fell for the first time in a year in January as soaring COVID-19 infections disrupted business operations. Private payrolls dropped by 301,000 jobs last month, the ADP report said. Data for December was revised lower to show 776,000 jobs added instead of the initially reported 807,000. Economists had forecast private payrolls would increase by 207,000 jobs.
Gold is expected to decline amid a rebound in the US dollar. Yesterday, the payroll decline helped to provide some underlying support for gold. Investor focus now shifts to European Central Bank and Bank of England meetings on Thursday for cues on the pace of monetary policy tightening amidst soaring inflation. Although gold is considered a hedge against geopolitical risks and inflation, interest rate hikes would raise the opportunity cost of holding non-yielding bullion. MCX Gold April may fall to Rs 47,900 per 10 gram.
Ravi Singh, Vice President & Head of Research, Share India Securities
As soaring COVID-19 infections disrupted business operations, US payroll numbers fell, giving support to gold prices. US treasury yields also weaken on lower employment data. Gold prices in MCX have given a breakout above 48000 levels, if sustain then it may go further up.
Buy Zone Above – 48150 for the target of 48400
Sell Zone Below – 47900 for the target of 47700
Abhishek Chauhan, Head of Commodity & Currency, Swastika Investmart
Weakness in the Dollar which moves opposite to gold prices is likely to be seen in today’s session as it has breached 96 levels which supports Gold prices to accelerate buying momentum. As US ADP non-farm employment change data stood weak so favoring the prices of precious metals. In MCX, Gold is likely to test 48400 levels. It has support at 47800.
(The views and investment tips 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.)
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