Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading flat on Wednesday, mirroring the global developments. On Multi Commodity Exchange, gold June futures were ruling Rs 18 down at 52,860 per 10 gram, as against the previous close of Rs 52,878. Silver May futures were trading Rs 147 up at Rs 68,937 per kg on MCX. Globally, yellow metal prices were flat after gaining as much as 1% in the last session, as Treasury yields eased after U.S. inflation data and concerns over Ukraine conflict supported safe-haven bids, while a firm dollar capped bullion’s gains, according to Reuters. Spot gold was little changed at $1,964.70 per ounce, after hitting a near one-month peak of $1,978.21 on Tuesday. U.S. gold futures were down 0.4% at $1,968.80.
Jigar Trivedi, Manager — Non-Agro Fundamental Research, Anand Rathi Shares & Stock Brokers
On Tuesday, for the fifth straight session, spot gold marched higher and closed at $1,965.6 an ounce, up by $12 or 0.62%, as US treasury yields eased after US inflation data and concerns over Ukraine conflict supported safe-haven bids, while a firm dollar capped bullion’s gains. Gold may gain as Putin said peace talks were near a dead end with Ukraine. Ukraine told Russia to release prisoners of war if it wants the Kremlin’s most high-profile ally in the country freed, as the US is expected to send more weapons after Russia’s strongest signal yet the war will grind on. We also expect the Indian rupee to weaken further. Tomorrow is a holiday shortened session in India owing to Mahavir Jayanti / Ambedkar Jayanti and the day after tomorrow is Good Friday hence the world over financial markets will be closed. Hence we may see muted movement later today. MCX Gold June futures may rise to Rs 53,100 per 10 gram.
Pritam Patnaik, Head – Commodities, HNI and, NRI Acquisitions, Axis Securities
Yesterday, the US reported it’s inflation numbers, while the headline inflation came in at 8.5 % ( CPI , YOY), higher than 8.4% market expectation, the month on month rise was lower that estimate at 0.3% as against the expectation of 0.5%. This indicates that the inflation could be peaking out and could help tilt the Fed stance from being overtly Hawkish, but it’s too much hope to put on one data point, one will have to wait and watch how the trend pans out. Higher inflation always essay’s well for gold and yesterday was no different. To add to the inflation hedge premium, gold got support heightened geopolitical risks after Russian President Putin said on Tuesday that peace talks with Ukraine had hit a dead end. Instead, Putin promised that Russia would achieve all of its “noble” aims in Ukraine”. This clearly indicates that a quick resolution to the Ukraine issue is a distant dream. This will give support to gold prices in the near term, but one will have to keep an eye on the dollar index which has breached the psychological level of 100.
Bhavik Patel, Commodity/Currency analyst, Tradebulls Securities
Gold advanced more than 1% on Tuesday as Treasury yields eased after U.S. inflation data drove expectations that the Federal Reserve may not need to be as aggressive in tightening policy in the longer term. Big gains in Crude oil futures also helped gold in notching to four week high. It was the first decline in eight session for US 10 Year Treasury yield that sparked hope that high prices may have peaked. On the Russia-Ukraine front, the US expects war to get more protracted which will also keep gold prices higher. We expect gold to test levels till 53500 this week and buy on dips should be the strategy with stoploss of 52000.
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