Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading flat on Wednesday as a result of mixed global cues, while the silver rate is down 0.48%. On Multi Commodity Exchange, gold April futures were trading at Rs 57,441 per 10 grams, down Rs 42 or 0.07%. Silver May futures were trading lower by Rs 321 at Rs 66,635. per kg on MCX.
Globally, the yellow metal prices edged up in range-bound trading on Wednesday due to a softer dollar, while investors assessed the U.S. Federal Reserve’s rate-hike trajectory after a closely-watched consumer prices report showed still-high inflation, according to Reuters. Spot gold was up 0.1% at $1,903.64 per ounce, trading in a $6 range. Prices had briefly slipped below the key $1,900 level earlier in the session. U.S. gold futures eased 0.1% to $1,908.60.
“The CPI climbed by 6% in the year ending in February, which was the smallest year-on-year gain since September 2021. We expect gold to trade lower towards 56,850 levels, a break of which could prompt the price to move lower to 56,400 levels,” said Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One.
Gold prices drops after modest gains
“Gold prices dropped on Tuesday amid modest gain in the US dollar index and surge in US treasury yields. Further, the consumer price index in the US rose by 6.0% YoY in February 2023 in line with market expectations. Inflation eased in February but remained stubbornly high, presenting a challenge for the Federal Reserve as it is trying to cool down the economy with higher rates at the same time it moves to stem financial instability.
“Gold is likely to trade with a negative bias for the day amid higher US treasury yields. However, sharp downside may be cushioned as demand for gold may increase as a hedge against economic uncertainties. MCX gold is expected to break the key support level of 57,250 to continue its downward trend towards the level of 57,000. MCX silver prices may face resistance near 67100 and drop back till 66,400,” said an ICICIdirect report.