Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading flat with a negative bias on Wednesday, even as global rates remained steady. On Multi Commodity Exchange, gold April futures were trading Rs 18 down at Rs 48,411 per 10 grams. Silver March futures were ruling at Rs 62,571 per kg, gaining Rs 204 or 0.33 per cent. Internationally, gold prices were steady near a two-week high scaled in the previous session, as inflationary risks and Russia-Ukraine tensions underpinned the safe-haven metal, despite the prospect of an aggressive rate hike by the US central bank, according to Reuters . Spot gold was steady at $ 1,825.89 per ounce, hovering close to Tuesday’s high of $ 1,828.68. US gold futures dipped 0.1% to $ 1,826.30.
Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services
Gold prices continued to move higher, as inflationary pressure, Russia and Ukraine uncertainty boosted the metals safe haven appeal. Although, concerns regarding faster than expected rate hike from Fed and rise US yields capped some gains for the metal. US 10-year yield hovering around the 1.97 levels and the 2-year yield hitting a pre-pandemic high. US inflation data for January is due on Thursday and expectations are for a 7.3% annual rise. On the other hand, the US reported a record trade deficit as surging imports outpaced rising exports. French President Emmanuel Macron, the first leader of a major Western power to meet Vladimir Putin since Russia massed troops near Ukraine, said he believed steps could be taken to de-escalate the crisis and called on all sides to remain calm. Market participants will keep an eye on the speech from Fed officials, scheduled later today. Broader trend on COMEX could be in the range of $ 1800- 1840 and on domestic front prices could hover in the range of Rs 48,000- 48,600
Bhavik Patel, Commodity and Currency Analyst, Tradebulls Securities
Gold market is resilient as despite higher treasury yields and Federal Reserve’s anticipated tightening of their monetary policy, gold prices are steadily climbing. While traditionally, monetary tightening by the Federal Reserve and rising yields in US Treasuries would exert selling pressure in gold, it is the current level of inflation that has kept gold pricing elevated considering these strong headwinds. Tomorrow’s US CPI is also expected to rise higher than 7.0% which is 40 year high. High CPI coupled with strong jobs would prompt Fed to raise rates higher than expected which eventually would be negative for gold but surprisingly gold is ignoring all headwinds. Money managers have also been on the short side as net long positions compared to last week is down by almost 50%. However we will go with the trend which is bullish so we recommend buy on dips with intraday stoploss at 48100 and expected target of 48600.
Tapan Patel, Senior Analyst (Commodities), HDFC Securities
Gold prices traded firm on Wednesday with spot gold prices at COMEX were trading near $ 1828 per ounce in the morning trade. MCX Gold April futures opened near Rs. 48420 per 10 grams on rupee appreciation. Gold prices have held upper trading range supported by weaker dollar and decline in US bond yields. The market players are awaiting for this week’s US inflation data. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $ 1815 and resistance at $ 1840 per ounce. MCX Gold April support lies at Rs. 48100 and resistance at Rs. 48700 per 10 grams.
Ravindra Rao, CMT, EPAT, VP – Head Commodity Research, Kotak Securities
COMEX gold trades little changed near $ 1828 / oz after a 0.3% gain in previous session. Gold is supported by volatile equities, ETF inflows, geopolitical tensions and inflation concerns however higher bond yields and gains in US dollar index has limited upside. Gold may remain in a range near $ 1800 / oz amid mixed factors however increasing monetary tightening expectations may limit upside.
(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.)