Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading higher on Monday despite negative global cues, while the silver rate is up 0.66%. On Multi Commodity Exchange, gold April futures were trading at Rs 55,940 per 10 grams, up Rs 219 or 0.39%. Silver May futures were trading lower by Rs 422 at Rs 64,823 per kg on MCX.
Globally, the yellow metal prices were lower on Monday as central banks indicated further interest rate hikes to tame stubbornly high inflation, diminishing bullion’s appeal as a hedge against price increases, according to Reuters. Spot gold was down 0.1% at $1,853.99 per ounce, after climbing to its highest since 15 February on Friday. U.S. gold futures rose 0.3% to $1,859.90.
“We expect gold and silver to remain volatile in today’s session. Gold has support at $1842-1830 while resistance is at $1864-1876. Silver has support at $21.05-20.85, while resistance is at $21.40-21.55. In INR terms gold has support at Rs 55,580-55,410, while resistance is at Rs 55,980, 56,150. Silver has support at Rs 63,750-63,220, while resistance is at Rs 64,890–65,480,” said Rahul Kalantri, VP Commodities, Mehta Equities.
Gold prices inched lower on stronger dollar
“Gold price inched lower as the dollar firmed, with positive economic data points cementing fears that central banks across the globe would keep raising rates to contain sticky inflation. U.S. Dollar Index and U.S. Yields continue post gains weighing on the safe haven assets. Data on Friday showed that the U.S. services sector grew at a steady clip in February, with new orders and employment rising to more than one-year highs, suggesting the economy continued to expand in the first quarter.
“However, last week we also had the U.S. Manufacturing PMI and Consumer confidence data which were reported weaker than expected initially supporting the metal prices. San Francisco Fed President Daly said that if data on inflation and the labour market continued to come in hotter than expected, interest rates would need to go higher, and stay there longer than Fed policymakers had projected earlier. In important events this week, focus will be on Governor Powell’s testimony and U.S. non farm payroll data. Today focus will be on EU retail sales and U.S. factory orders data. Broader trend on COMEX could be in the range of $1835-1870 and on domestic front prices could hover in the range of Rs 55,800- 56,500,” said Manav Modi, MOFSL.