Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate was trading lower on Thursday, while silver rate sank 2.17%. On Multi Commodity Exchange, gold February futures were trading at Rs 54,310 per 10 grams, down Rs 364 or 0.67%. Silver March futures were trading down by Rs 1,502 at Rs 67,800 per kg on MCX. Globally, the yellow metal traded lower as the US Fed signaled further rate hikes if inflation doesn’t cool since the US economy is slipping towards possible inflation, according to Reuters. Spot gold slipped 0.1% to $1,806.11 per ounce. US gold futures were little changed at $1,817.80
Navneet Damani, Sr. VP, Commodity & Currency, MOFSL
Gold and Silver prices are trading steady after witnessing a sharp rally witnessed in the past few sessions. Market participants were trading cautious ahead of the Fed policy statement which was scheduled later in the previous session. Fed as per expectations raised rates by 50bps bringing the fed fund rate to 475-500 bps, highest level since 2007.
Bhavik Patel, Commodity and Currency Analyst, Tradebull Securities
Gold prices witnessed subdued correction post US Fed Chairman Powell’s comment. All of the Fed members projected a higher interest rate in 2023 and most of them anticipate rates to peak around 5.25%. In short the statement carried that inflation will remain persistent for longer than anticipated and interest rates will follow the same course. This was not what the market had anticipated and so we saw selloff in all asset classes including gold and silver. Today’s monetary policy from ECB and BoE will also see a whipsaw in gold prices. Both central banks are expected to hike rates by 50 bps. Yesterday’s event was a good time to take profit off the table as prices have already stretched too far from the important moving averages and gold is vulnerable for profit booking. We would recommend waiting for substantial correction near Rs 53,700 in MCX before initiating any fresh buy position with expected target of Rs 54,700 and stop loss of Rs 53,300.
Rahul Kalantri, VP Commodities, Mehta Equities
Gold and silver prices were largely unchanged on Wednesday even as the Federal Reserve raised U.S. interest rates by 50 basis points and said more rate hikes are coming. Although the pace of rate hikes has slowed, the central bank said that it continues to see more tightening in 2023. Investors and traders will keep an eye on today’s European Central Bank and the Bank of England meeting which are likely to follow the U.S. Federal Reserve with half-point rate hikes.
We expect bullion prices to remain volatile in today’s session ahead of the ECB and BOE meeting. Gold has support at $1788-1774 while resistance is at $1820-1828. Silver has support at $23.40-23.05, while resistance is at $23.95-24.18. In INR terms gold has support at Rs 54,420-54,250, while resistance is at Rs 54,980, 55,150. Silver has support at Rs 68,450-67,880, while resistance is at Rs 69,520–69,980.