Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading in the green with muted gains on Tuesday, mirroring the trend in the international market. On Multi Commodity Exchange, gold June futures were trading Rs 103 or 0.20 per cent up at Rs 51,010 per 10 gram, as against the previous close of Rs 50,907. Silver July futures were ruling at Rs 61,237 per kg, down Rs 66 or 0.11 per cent. Globally, spot gold fell 0.2 per cent to $1,850.40 per ounce, after rising to its highest since May 9 of $1,865.29 on Monday. US gold futures were flat at $1,848.20, according to Reuters.
Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services
Gold trade steady in a higher range near two week high, on the back of positive comments from Fed officials, some stability witnessed in Dollar Index’s fall and U.S. Treasury yields. The dollar steadied after dropping to a one-month low in the previous session, currently hovering around 102.20 mark. Kansas City Federal Reserve Bank President Esther George said on Monday she expects the U.S. central bank to lift its target interest rate to about 2% by August, with further action dependent on how both supply and demand are affecting inflation. Market participants have their focus on Governor Powell’s speech and FOMC meeting minutes scheduled later this week. There are updates from Shanghai about easing lockdown measures from the start of next month although officials have cautioned due to the spread of this virus. Market participants today will keep an eye on the preliminary Manufacturing and Service PMI data expected from major economies and also on U.S. GDP and Core PCE data scheduled later this week to gauge the health of the economy and its impact on both gold and silver prices. Broader trend on COMEX could be in the range of $1830- 1895 and on domestic front prices could hover in the range of Rs 50700- 51,200.
Tapan Patel, Senior Analyst — Commodities, HDFC Securities
Gold prices traded steady on Tuesday with spot gold prices at COMEX were trading near $1852 per ounce marginal down from previous close. Gold prices pared some of previous gains with a rebound in the dollar index in the morning trade. Gold prices are still trading in the upper range supported by global growth worries and higher inflation. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1840 and resistance at $1870 per ounce. MCX Gold June futures support lies at Rs. 50600 and resistance at Rs. 51200 per 10 gram.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities
COMEX gold trades modestly higher near $1850/oz building on the gains noted last week. Gold has edged up gaining support from weakness in the US dollar, lower bond yields and increasing challenges for the global economy. ETF inflows also show pick up in investor interest. However, weighing on price is increasing emphasis on monetary tightening to control inflation by Fed and other central banks. Gold has recovered sharply from recent lows indicating improved sentiment after recent sell-off however any sharp rise may be challenged by tightening expectations.
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