Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rates edged greater on MCX on Friday, as globally yellow metal prices hovered close to the essential $1,900 per ounce level. On Multi Commodity Exchange, gold August futures have been trading Rs 52 up at Rs 49,250 per 10 gram, as against the preceding close of Rs 49,198. Silver July futures have been ruling Rs 264 or .37 per cent greater at Rs 72,263 per kg. Silver futures settled just beneath the critical Rs 72,000-mark in the preceding session. Globally, investors shrugged off a rise in US inflation information. Spot gold was up just .1 per cent at $1,899.28 per ounce. The rates have risen .5 per cent so far this week. US gold futures rose .3 per cent to $1,901.20 per ounce, according to Reuters. The dollar index fell at 90.057 levels right after hitting a close to one-week higher in the preceding session.
Rahul Gupta, Head of Research-Currency at Emkay Global Financial Services
Despite a surge in US CPI, the industry has not freaked out. Dollar bulls are convinced that Fed will not hint at an earlier than anticipated tapering and reiterate at inflation becoming transitory. But all will be revealed at the June 16th FOMC meeting, till then dollar index is anticipated to stay subdued, which will provide help to gold. In MCX Gold, only a constant attempting beneath 49,000, will push rates towards 48450-48300-48000. The critical resistance is about 49,650 and sustenance above that will push towards 50,000-50,300.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
Yesterday gold rates bounced off their session lows following stronger than anticipated US inflation numbers. Headline inflation rose to 5% which is the biggest 12 month improve because Aug 2008. Gold industry now seems to be catching bid following powerful headline quantity. US Fed had reiterated that inflationary stress will be transitory and so we think they will not be in a hurry to tighten interest price which is positive for gold. Despite positive news for gold, gold bulls appear to be receiving tired close to $1900 levels and so we would wait for $1920 to surpass prior to recommending fresh extended positions. Open interest suggests extended positions receiving unwinded and that is why we are not in a position to see gold ride on the momentum upside. In MCX, 49,800 is the level that gold bulls will need to push. Trading variety for today appears to be 48,800-49,500 and obtain on dips need to be the technique with stoploss of 48,800.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities
COMEX gold trades modestly greater above $1900/oz right after a largely flat close yesterday. Gold trades greater supported by choppiness in the US dollar and sharp decline in US bond yield in reaction to US inflation information. ETF inflows also show purchasing interest in the metal. However, weighing on price tag is weaker Indian customer demand and common improvement in worldwide development outlook. Gold has rescaled $1900/oz and may possibly trade with a positive bias unless there is a powerful rise in US dollar and bond yields.
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