Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading flat on Thursday amid positive global cues, while the silver rate is up 0.11%. On Multi Commodity Exchange, gold February futures were trading at Rs 55,090 per 10 grams, up Rs 19 or 0.03%. Silver March futures were trading up by Rs 76, the silver price is at Rs 69,785 per kg on MCX.
Gold price edged up on Thursday since holidays have thinned trading volumes, but prices moved in a tight range as market participants awaited economic data for further direction, according to Reuters. Spot gold rose 0.2% to $1,818.40 per ounce. US gold futures were up 0.1% at $1,827.70, while the dollar index crept 0.2% lower.
Navneet Damani, Sr. VP, Commodity & Currency, MOFSL
Gold and silver continue to trade higher after the BoJ policy meeting earlier this week which influenced safe haven buying in the metals. The Bank of Japan in their meeting changed their stance and showed concerns regarding rising inflation for the first time since 2016. They kept their interest rates steady, however announced tweaks in their yield curve control. Along with expanding their band of its 10 year yield target, they also announced an increase in their bond buying program. This led to safe buying in Yen, gold, silver and other assets.
Since the past few sessions there is growing concern regarding geo-political tensions between Russia-Ukraine and also regarding rise in the Covid cases in China and other countries. Fear of global growth slowdown amidst this rapid interest hikes and geo-political concerns is supporting the safe haven appeal for both these metals. On the data front, US consumer confidence rose to an eight-month high in December as inflation retreated and the labor market remained strong, but fears of a recession persisted. Market participants will keep their eye on the US GDP (Q3) and weekly US jobless claim numbers due later in the day. Broader trend on COMEX could be in the range of $1805-1830 and on domestic front prices could hover in the range of Rs 54,650-55,400.
Rahul Kalantri, VP Commodities, Mehta Equities
Gold and silver prices were slightly higher on Wednesday, with silver touching an eight-month high. The rally in the bullions steadied after posting solid gains a day before, amid wobbly global stock and financial markets that prompted some safe-haven demand for the metals, especially on Tuesday. Traders await the key Q3 US GDP announcement later today. Also challenging the precious metal prices could be the mixed sentiment and year-end inaction. We expect bullion prices to remain volatile in today’s session. Gold has support at $1805-1792 while resistance is at $1828-1840. Silver has support at $23.82-23.55, while resistance is at $24.48-24.65. In INR terms gold has support at Rs 54,550-53,350, while resistance is at Rs54,980, 55,110. Silver has support at Rs 69,050-68,580, while resistance is at Rs 70,120–70,680.