Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices jumped over 1.5 per cent in India on Wednesday, despite weak global trends. On Multi Commodity Exchange, gold April futures were ruling at Rs 55,190 per 10 gram, up Rs 842 or 1.5 per cent. Silver May futures were trading at Rs 73,046 per kg, up Rs 1,315 or 1.8 per cent on MCX. MCX gold hit an all-time high of Rs 56,191 per 10 gram, in August 2020, and silver rose to fresh high of Rs 77,949 per kg. Globally, gold prices fell, weighed down by a stronger dollar and U.S. Treasury yields, while palladium gained on supply worries as Western countries ramped up sanctions against Russia over its invasion of Ukraine, according to Reuters. Spot gold was down 0.6% at $2,040.07 per ounce, after rising to $2,069.89 in the previous session, a whisker away from a record $2,072.49 touched in August 2020. US gold futures were up 0.2% at $2,046.40.
Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities
Gold was on the way to touch Aug 2020 high but clawed back sharply on account of profit booking although after that it has steadily started gaining again. We are witnessing extremely volatile trading conditions as geopolitical tension continues to escalate. Gold’s massive gain was continuation of flight to safety as investors were hiding in precious metals after witnessing carnage in equity markets. With near record crude oil prices, inflation is expected to shoot higher and Central banks will not be aggressive in raising rates because of stagflation concerns so it is another positive trigger for gold prices. We continue to advocate buy on dips but prices are stretched and so there will be greater volatility hence traders are recommended to trade with strict stoploss and trade via options for lesser risk.
Tapan Patel, Senior Analyst — Commodities, HDFC Securities
Gold prices traded higher on Wednesday with spot gold prices at COMEX were trading near $2056 per ounce in the morning trade. MCX Gold April futures opened higher near Rs. 55112 per 10 gram following strong global cues. Gold prices rallied on safe haven buying combined with inflation fears after US banned import of Russian crude oil, gas and coal. The current uncertainty may raise questions over FED policy change which may also support gold prices. We expect gold prices to trade up with COMEX Spot gold support at $2015 and resistance at $2075 per ounce. MCX Gold April futures support lies at Rs. 54500 and resistance at Rs. 55600 per 10 gram.
Pritam Patnaik, Head – Commodities, HNI & NRI Acquisitions, Axis Securities
Yesterday we witnessed gold prices spiking to $2077 OZ levels, with a massive gain of $82, taking gold futures to an earshot of their all-time highs. This was largely due to the announcement about the USA deciding to ban the import of Russian crude and gas. The UK, too, plans to follow suit, but Europe continues to abstain from This plan. This latest sanction will further accentuate the inflationary trend globally, thereby facilitating a continued Gold rally. The yellow metal will continue to do well as intensifying sanctions will push inflation higher, and brinkmanship between Russia and Ukraine will keep the geopolitical situation hot.
Anuj Gupta, Vice President, IIFL Securities
For today traders can buy gold around 54000 to 54200 levels with the stoploss of 53400 levels for the target of 55000 levels. They can also go for buy silver around 71000 to 71300 levels with the stoploss of 69800 for the possible target of 73000 levels. Gold may test $2100 and silver may test $27 very soon. Geopolitical tension coupled with higher crude prices are the major factor for safe haven demand of precious metals. US ban crude oil and Gas from russia escalating tension in the globe.
Ravi Singh, Vice President & Head of Research, Share India Securities
The war has increased the safe-haven demand for gold, while investors have become more risk-averse and have continued selling equities. Gold prices are making new highs day by day and the inflation fears has added more fuel to it’s rally.
Buy Zone Near – 54000 for the target of 54500
Sell Zone Below – 53800 for the target of 53500
(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.)
