Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading lower on Wednesday amid mixed global cues, while the silver rate is down 0.19%. On Multi Commodity Exchange, gold February futures were trading at Rs 54,753 per 10 grams, down Rs 117 or 0.21%. Silver March futures were trading up by Rs 131 at Rs 69,670 per kg on MCX.
Gold softened on Wednesday, pressured by an increase in the U.S. dollar, but prices traded in a tight range in subdued trading due to the lack of any fresh triggers, according to Reuters. Spot gold was down 0.2% at $1,811.20 per ounce. U.S. gold futures fell 0.2% to $1,818.90.
Navneet Damani, Sr. VP, Commodity & Currency, MOFSL
Gold prices jumped to their highest level in six months as optimism surrounding decisions by top consumer China to further ease COVID-19 restrictions weighed on the dollar, while benchmark U.S. yields limited gains. Top gold consumer China relaxed quarantine rules, in a major step toward easing curbs on its borders, which have been largely shut since 2020. Gold has gained nearly $200 after falling to a more than two-year low in late September, as expectations about slower interest rate hikes from the Fed dimmed the dollar’s allure. However, the last Fed policy meeting raised the expectations for further rate hikes in the market with an objective to bring inflation down to the Fed’s target level of 2%, capping the gains for safe haven assets. Focus today will be on the U.S. pending home sales data, however we could witness thin volumes ahead of Christmas and New Year holidays. Broader trend on COMEX could be in the range of $1790-1820 and on domestic front prices could hover in the range of Rs 54,500-55,200.
Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One
After being little changed, price of the yellow metal clawed back on a higher note, as it gained nearly 1 percent and concluded the day at 1813.9$ per ounce. In Egypt, the price of gold has reached previously unheard levels as worried depositors seek safety from a depreciating currency and some businesses sell bullion to obtain cash-strapped dollars to pay for imports. According to data from the gold division of the Federation of Egyptian Chambers of Commerce (FEDCOC), the cost of a gramme of 21-carat gold exceeded 1,800 Egyptian pounds ($72.73) in December, which is thought to be an all-time record. In February, the Egyptian central bank required letters of credit for the majority of imports, which significantly slowed imports and created a backlog of products in ports. As a result, several importers were required to buy bullion in Egyptian pounds to ship overseas in order to obtain dollars, which ultimately fueled the price surge. We expect gold to trade lower towards 54,630 levels, a break of which could prompt the price to move lower to 54,370 levels.