Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading down domestically on Thursday despite positive global cues for the metal, while the silver rate is down 0.49%. On Multi Commodity Exchange, gold April futures were trading at Rs 57,950 per 10 grams, down Rs 386 or 0.66%. Silver May futures were trading lower by Rs 333 at Rs 66,966 per kg on MCX.
Globally, the yellow metal prices edged higher on Thursday as troubles at Swiss lender Credit Suisse renewed fears of a banking crisis worldwide and steered traders towards the safe-haven metal, according to Reuters. Spot gold was up 0.1% at $1,919.86 per ounce, after rising more than 1% on Wednesday. U.S. gold futures fell 0.2% to $1,927.80.
“We expect gold and silver to remain highly volatile in today’s session. Gold has support at $1900-1888 while resistance is at $1922-1934. Silver has support at $21.55-21.40, while resistance is at $22.00-22.18. In INR terms gold has support at Rs 58,080-57,810, while resistance is at Rs58,650, 58,820. Silver has support at Rs 66,920-66,510, while resistance is at Rs 67,990–68,580,” said Rahul Kalantri, VP Commodities, Mehta Equities.
Gold prices ticks higher on Credit Suisse crisis
“Gold and Silver prices edged higher as troubles at Swiss lender Credit Suisse renewed fears of a banking crisis worldwide and steered traders towards the safe-haven metal. Shares of Credit Suisse slumped by as much as 30% on Wednesday after the lender’s largest shareholder said it could not provide further support, prompting the chief executive officer to make new assurances on its financial strength. Swiss regulators pledged a liquidity lifeline to Credit Suisse in an unprecedented move by a central bank. Apart from the SVB and Credit Suisse led crisis, metal prices were also supported by few other major factors, i.e. weak economic data and rising slower rate hike expectations.
“Yesterday, U.S. Retail Sales and PPI data were reported lower than estimates, signalling weakness in the U.S. economic health, supporting the move in safe haven assets. Amidst these data points and growth concerns, possibility for a no rate hike scenario increased to ~40% and ~60% for 25 bps rate hike in March Fed meeting scheduled next week. From the highs some profit booking could be seen, however Fed official’s comments and updates on SVB crisis will be important to watch. Broader trend on COMEX could be in the range of $1905-1935 and on domestic front prices could hover in the range of Rs 57,650-58,650,” said Manav Modi, MOFSL.