Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading flat on Thursday, even as international rates hovered near 8-month high. On Multi Commodity Exchange, gold April futures were trading Rs 18 down at Rs 49,600 per 10 grams. Silver March futures were ruling at Rs 63,149 per kg, down Rs 150 or 0.24 per cent. Globally, gold steadied near an eight-month high touched earlier this week, as the U.S. dollar and Treasury yields dipped on less hawkish-than-feared Federal Reserve minutes, and as the Ukraine crisis boosted demand for the safe-haven metal, according to Reuters. Spot gold held its ground at $1,868.36 per ounce. U.S. gold futures were steady at $1,871.40.
Tapan Patel, Senior Analyst — Commodities, HDFC Securities
Gold prices traded steady on Thursday with COMEX Spot gold prices were trading near $1869 per ounce in the morning trade. MCX Gold April futures opened near Rs. 49568 per 10 gram. Gold prices witnessed buying in previous trading session as investors focused on higher inflation while conflicting statements over Russia-Ukraine tension also kept risk premium up. Gold prices also got support from fall in US bond yields which were trading 0.85% down in the morning trade. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1850 and resistance at $1890 per ounce. MCX Gold April futures support lies at Rs. 49300 and resistance at Rs. 49900 per 10 gram.
Bhavik Patel, Commodity & Currency Analyst, Tradebulls Securities
Gold prices are at 8 month high as US dollar retraced after less than hawkish Federal Reserve minutes were published. Tension between Russia and Ukraine has not abated which is giving tailwind to gold prices. So the same two factors that have dominated gold’s recent advance to higher pricing remain firmly fixed in the sentiment of market participant’s i.e. geopolitical tension and high inflation. Gold pricing has been moving higher based on fundamental events rather than technical levels. While gold did soften by approximately 1000 points on Tuesday, yesterday 300 point erased some of the decline, and all things being equal we could see a retest of 50000 by the end of the week. We had flashing news coming that Ukraine has fired mortal shells and grenades which again will give temporary boost to gold prices.
Nirpendra Yadav, Senior Commodity Research Analyst, Swastika Investmart
Despite strong US retail sales data Gold and Silver prices gained around 0.35% due to speculation over eased geopolitical tensions between Russia and Ukraine. Gold prices rebound near crucial support of 49000. Silver is also holding support of 62500. The dollar which generally moves opposite to Gold prices remained down for two consecutive days and supported the prices of precious metals in the near term.
Ravi Singh, VP & Head of Research, Share India Securities
A sign of a slight de-escalation in the Russia-Ukraine standoff diminished the safe haven appeal and triggered profit booking in gold. Gold may remain under pressure as traders have shifted focus to Fed ahead of FOMC minutes as the central bank is likely to maintain hawkish stance. Rising bond yields are also putting pressure on gold prices.
Buy Zone Above – 49800 for the target of 50000
Sell Zone Below – 49500 for the target of 49300
(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.)
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