Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading lower on Monday, while the silver rate is down 0.32%. On Multi Commodity Exchange, gold June futures were trading at Rs 60,128 per 10 grams, down Rs 383 or 0.63%. Silver May futures were trading lower by Rs 240 at Rs 74,330 per kg on MCX.
Globally, the yellow metal fell about 1% to slip below $2,000 on Monday, after U.S. employment data pointed to a tight labour market and raised expectations of another rate hike by the Federal Reserve in May, according to Reuters. Spot gold was down 0.9% at $1,990.69 per ounce, as of 0402 GMT. U.S. gold futures slipped 1% to $2,006.30.
“US ISM Manufacturing PMI has been in contraction for the fifth straight month, while JOLTs job openings data came at lowest level since May 2021 signaling the labour market might have started cooling. However, Friday’s NFP showed that US economy added 236k jobs in March with unemployment rate dropping to 3.5%, while this week’s core CPI is expected to show a month on month increase of 0.4% in March, raising the odds of a 25 bps hike for May, which might act as a short term headwind for the gold prices,” said Ravindra V.Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities.
Gold prices to trade on a weaker note
“Gold prices are expected to trade on a weaker note as a resilient US job market could force the US Federal Reserve to stick to its rate hike regime. The probability of a 25 bps hike has jumped above 70% after a better than expected US jobs data from the US. MCX Gold is likely to dip towards 60,000-59,800 as negative divergence between price and the oscillator indicated a near term correction. MCX Silver is facing resistance near 75,200. As long as it trades under 75,200, prices are expected to dip towards the key support near 73,500-72,800,” said an ICICIdirect report.