Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading higher on Tuesday, while the silver rate is up 0.30%. On Multi Commodity Exchange, gold June futures were trading at Rs 60,323 per 10 grams, up Rs 143 or 0.24%. Silver May futures were trading higher by Rs 221 at Rs 75,033 per kg on MCX.
Globally, the yellow metal rose on Tuesday after two sessions of losses as the dollar eased, while investors sought more clarity on the U.S. Federal Reserve’s monetary policy stance, according to Reuters. Spot gold was up 0.2% at $2,001.09 per ounce, as of 0457 GMT. U.S. gold futures rose 0.2% to $2,011.10.
“We expect gold and silver prices to remain volatile in today’s session. Gold has support at $1982-1970 while resistance is at $2012-2024. Silver has support at $24.84-24.71, while resistance is at $25.28-25.42. In INR terms gold has support at Rs 59,940-59,750, while resistance is at Rs 60,420, 60,590. Silver has support at Rs 74,120-73,510, while resistance is at Rs 75,450–76,050,” said Rahul Kalantri, VP Commodities, Mehta Equities.
Gold prices inch lower
“Gold inched lower, slipping below the key $2,000 level, pressured by a stronger dollar and higher Treasury yields, while investors looked for cues on whether the market will see a ‘one and done’ rate hike by the U.S. Federal Reserve in May. U.S. dollar gained more than 1%, from lows of around 100.80 to again at ~102 mark, while benchmark Treasury yields climbed to a more than two week high.
“Pressure on safe haven assets increased after data showed, manufacturing activity in New York state increased for the first time in five months fueled bets of a 25 bps rate hike by the Fed at its May meeting. Comments from Fed officials as well suggesting that the inflation target of 2% is still far away. The U.S. central bank has more work to do, and has increased probability for further rate hikes in the next Fed meeting. According to the CME Fedwatch tool, the probability for a 25 bps rate hike in May meet has now increased to more than 80%.
“Profit booking was seen in silver as well, as it followed gold, falling by more than 1%. Focus today will be on EZ economic sentiment data and U.S. housing numbers. Broader trend on COMEX could be in the range of $1985-2010 and on domestic front prices could hover in the range of Rs 59,750-60,650,” said Manav Modi, MOFSL.