Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading lower in India on Wednesday, on the back of weakness in global markets. On Multi Commodity Exchange, gold June futures were down Rs 21 to Rs 51,350 per 10 grams. Silver May futures were ruling at Rs 66,125 per kg, down Rs 73. Globally, yellow metal prices eased as hawkish comments from U.S. Federal Reserve officials boosted the dollar and Treasury yields to multi-year highs, denting the safe-haven metal’s appeal, according to Reuters. Spot gold was down 0.2% at $1,920.87 per ounce, while U.S. gold futures fell 0.3% to $1,920.90.
Anuj Gupta, Vice President, IIFL Securities
For today we have seen that gold and silver prices are trading on a positive note. However, the expectation of more increase in interest rates may curb sharp appreciation in Gold, but higher inflation may be supportive for the yellow metals. For today traders can buy gold around 51000 to 51100 levels with the stoploss of 50700 levels for the target of 51800 to 51900 levels. They can also go for buy in silver at 65700 to 65900 levels with the stoploss of 65000 levels for the target of 67300 levels. Gold may test $1945 levels and silver may test $25 levels soon.
Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities
Gold prices as expected saw some downfall after hawkish comments from the Federal Reserve. In response, US Treasury yield spiked higher which also helped in pushing gold prices down. Rising Covid cases in China are also of concern to the global marketplace, as is the specter of rising inflation. Traders will be eyeing today’s FOMC minutes for clues on the future trajectory of U.S. monetary policy and inflation trends. In the short term, there aren’t any triggers for gold which will help to scale back above $1950. We might see more knee jerk reaction on the downside today after FOMC minutes are published followed by recovery in prices. So we would recommend to let gold prices settle today and taking fresh positions tomorrow.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities
COMEX gold trades marginally lower near $1923/oz after a 0.3% decline yesterday as US dollar index and bond yields have edged up ahead of FOMC minutes due later today which is expected to support market expectations of faster rate hikes. ETF outflows also show profit taking by investors amid stable equities. Safe haven buying, concerns about Chinese economy and inflation concerns has however kept prices supported. Mixed factors may keep gold in a range above $1900/oz however geopolitical risks may result in buying interest at lower levels.
(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.)
