Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading flat with a negative bias on Thursday, as rates dipped in the global market. On Multi Commodity Exchange, gold June futures were trading at Rs 52,589 per 10 gram, down Rs 39. Silver May futures fell Rs 191 to Rs 68,215 per kg. Globally, yellow metal prices dipped tracking a rebound in U.S. Treasury yields and the dollar, which continued to weigh on demand for safe-haven bullion, according to Reuters. Spot gold was down 0.2% at $1,953.21 per ounce, while U.S. gold futures were nearly flat at $1,956.20.
Anuj Gupta, VP, IIFL Securities
The IMF cut down the global growth forecast, which is positive for bullions as a safe-haven demand. For today traders can buy gold at 52400 levels with the stoploss of 52050 levels for the target of 53000 to 53100 levels. They can also go for buy in Silver at 68000 levels with the stoploss of 67350 levels for the target of 69200 levels. Spot Gold may test $1980 and silver may test $ 26 levels very soon.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities
COMEX gold trades mixed near $1955/oz after a 0.2% decline yesterday. Gold has stalled after recent losses as US dollar index and bond yields came off the highs. However, stability in the equity market has reduced gold’s appeal as an alternative asset. Gold ETF investors have also moved to sidelines awaiting more clarity. Gold has retreated after closing in on $2000/oz level however price seems to have steadied near $1950/oz. With mixed factors, prices may remain range bound however we may see some selling pressure if equities manage to build on recent gains.
Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services
Gold prices held steady after a fall witnessed from the $2000 level, it hit at the start of the week. Continuous updates regarding the tussle between Russia and Ukraine and higher inflation numbers are holding ground for the metal prices. A cautious approach is advised as market participants will keep an eye on Governor Powell’s speech later in the day and any positive comments regarding the monetary policy changes could weigh on metal price. On the data front focus for today will be on the weekly jobless claims and philly employment numbers. Broader trend on COMEX could be in the range of $1930-1965 and on domestic front prices could hover in the range of Rs 52,000-52,900
Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities
Gold prices have retraced this week and have come back within its previous trading channel. Even weak US housing data failed to fire up gold prices. The gold market has for the most part ignored economic data and continues to see some technical selling pressure after hitting resistance at $2,000 an ounce at the start of the week. Fresh fundamental element is needed to boost and to keep alive the near-term price uptrends. We don’t expect any large upside movement on account of rising US Treasury yields and strong US dollar. Gold in MCX may get some boost from weak INR. Intraday around 52400 one can go long with expected target of 52750 and stoploss of 52200.
Jigar Trivedi, Manager — Non-Agro Fundamental Research, Anand Rathi Shares & Stock Brokers
The global economic outlook remains gloomy as a robust recovery from the pandemic is tempered by the war in Ukraine and China’s continuing battle against Covid-19. Any escalation in the conflict, which is already weighing on growth forecasts, could further burnish the appeal of gold. Sanctions on Russia could also herald a more far-reaching shift that bolsters bullion. That’s for medium to long term, but for intraday, owing to a strong dollar, MCX Gold June futures may fall to Rs. 52,400 per 10 gram.
(The views in this story are expressed by the respective experts of the research and brokerage firm. TheSpuzz Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)