Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading flat on Tuesday as a result of mixed global cues, while the silver rate is down 0.64%. On Multi Commodity Exchange, gold February futures were trading at Rs 55,862 per 10 grams, down Rs 2. Silver March futures were trading lower by Rs 440 at Rs 68,460 per kg on MCX. Globally, the yellow metal prices were flat as investors await further cues from the US Fed regarding its rate hike trajectory, as Chairman Jerome Powell is set to give a speech later on Tuesday. Spot gold held its ground at $1,872.79 per ounce. U.S. gold futures were flat at $1,877.70.
Expect gold and silver to remain volatile: Rahul Kalantri, Mehta Equities
Gold and silver traded steady on Monday, with the former hitting fresh seven month highs after sell-off in the dollar index, whereas silver witnessed mild profit taking at higher levels. The dollar index extended its fall and slipped below 103 marks and supported the precious metals. Sentiment has also been supported by reports that China has boosted gold reserves for a second consecutive month. Increased physical demand from China and weakness in the dollar continue to support prices of precious metals.
Gold expected to trade with positive bias: ICICIDirect Report
Gold prices hit an eight-month high on Monday amid a sharp decline in the dollar and US treasury yields. US treasury yields drifted lower as investors expect the Fed to slow the pace of rate hikes. CME Fed watch tool indicates 78.2% probability of a 25 bps rate hike in the February meeting. Gold is expected to trade with a positive bias for the day amid a drop in US treasury yields and weakness in dollar index. Further, investors will closely watch Fed Chair Powell’s speech for cues on the US rate hike path. MCX Gold is likely to surpass the key resistance level of 56,000 to continue its upward trend towards the level of 56,300 level. MCX silver prices opened higher but traded flat on Monday. It is likely to surpass the hurdle of 69,500 to trade in an upward trend towards the level of 70,100.
Gold prices may hover in the range of Rs 55,470-56,300: Navneet Damani, MOFSL
Gold prices traded steady after inching higher hovering around the seven week high as investors largely focused on Federal Reserve Chair Jerome Powell’s speech for insights into the central bank’s rate hike path. The focus is on Powell’s speech at a central bank conference later in the day. Volatility in Dollar index has also increased from 105 level in the previous week, currently it is hovering around 103 mark, supporting the move in bullions. After weak U.S. economic data reported last week, the speech will be important, as it is scheduled just before the US Inflation data which could further signal regarding their monetary policy stance. Wage growth across the euro zone is expected to be “very strong” over the next few quarters but real wages are still likely to decline given rapid inflation, according to the European Central Bank Economic Bulletin. Broader trend on COMEX could be in the range of $1845-1890 and on domestic front prices could hover in the range of Rs 55,470-56,300.