Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading higher in India on Tuesday, even as global prices traded weak. On Multi Commodity Exchange, gold June futures were trading Rs 376 or 0.7 per cent up at Rs 52,560 per 10 gram as against the previous close of Rs 52,179 per 10 grams. Silver May futures were trading Rs 767 or 1.14 per cent at Rs 68,061 per kg. Globally, yellow metal prices fell as Treasury yields and the dollar gained ahead of U.S. inflation data, a reading that could help investors get more clues about the Federal Reserve’s monetary policy stance, according to Reuters. Spot gold was down 0.2% at $1,950.52 per ounce, while US gold futures were up 0.3% at $1,954.00.
Pritam Patnaik, Head – Commodities, HNI, and, NRI Acquisitions, Axis Securities
Gold prices have managed to withstand the statements by the Fed member Charles Evans, who said that he would not oppose interest rates moving higher to more of a neutral stance between 2.25% and 2.5% by the end of the year. This paves the way for a 50 basis points increase in the next FOMC. Post the statement, gold prices did see some corrections from its high , but the same recovered owing to a stubborn inflationary trend and escalating war in Ukraine, which has now moved towards the eastern regions. The military offence by Russia is expected to only accelerate further with no end in sight and practically derailing all peace talks. The market will closely track the CPI inflation data due today. It is expected to be in the range of 8.2% to 8.3%, which will ensure that the Fed will adopt an aggressive hawkish stance to reign in the inflation. This will keep a cap on gold prices in the short term.
Jigar Trivedi, Manager — Non-Agro Fundamental Research, Anand Rathi Shares & Stock Brokers
On Monday, spot gold closed at $1,953.5 an ounce, up by $7.7 or 0.4%, rallied for the fifth straight session, nonetheless, declined from an intraday high of $ 1,970 an ounce as treasury yields and the dollar gained ahead of U.S. inflation data, a reading that could help investors get more clues about the Federal Reserve’s monetary policy stance. Gold may gain as investors sought safety against geopolitical risks and inflation despite the possibility of faster-paced monetary tightening by the Federal Reserve. Moreover, traders assessed comments from the Federal Reserve on its monetary-policy tightening trajectory. US CPI data due today is expected to show the inflation rate hit 8.5% in March, the highest since December of 1981, as high energy prices, supply constraints and robust demand continue to weigh. MCX Gold June futures may rise to Rs. 52,600 per 10 gram.
Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities
Gold and Silver prices saw some profit booking yesterday amid rising bond yields and a selloff in the crude oil market. Previously gold hit 4 week high on expectation of higher US CPI. The Covid pandemic continues to surge in China, which has once again clouded the growth outlook for the world’s second-largest economy boosting gold’s prices. Inflation worries are also near the front burner of the marketplace overshadowing dovish monetary policy from the US Fed. Expect volatility to be at the forefront today ahead of the US inflation number. Buy on dips should be the strategy intraday with stoploss of 52000.
Nirpendra Yadav, Senior Commodity Research Analyst, Swastika Investmart
Gold and Silver prices rose in the previous trading session as fear of rising inflation appealed for a safe haven. Chinese CPI data rose to 1.5% which supported the prices of precious metals. US dollar index traded down, however it rebounded after US market hours and witnessed profit booking in precious metals. Strong bond yield also capped the gain of precious metals. Gold has support at 52000 and resistance at 52800. Prices of precious metals are likely to remain supportive 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.)
