Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading flat on Wednesday despite positive global cues, while the silver rate is up 0.29%. On Multi Commodity Exchange, gold April futures were trading at Rs 55,722 per 10 grams, down Rs 34 or 0.06%. Silver May futures were trading higher by Rs 186 at Rs 64,809 per kg on MCX.
Globally, the yellow metal prices edged up for a third session on Wednesday as the dollar pulled back, although fears of more U.S. interest rate hikes on the back of stubbornly high inflation kept a lid on prices, according to Reuters. Spot gold was up 0.1% at $1,829.37 per ounce. U.S. gold futures eased 0.1% to $1,835.30.
Gold trades steady after logging two-day recovery
“Gold price trade steady after logging a two-day recovery from their lowest levels this year, with focus remaining on any more signals on U.S. economy and the Federal Reserve. Some relief was witnessed amidst softer than expected U.S. business activity and consumer confidence data, which indicated that certain facets of the economy were cooling under rising interest rates. U.S. consumer confidence unexpectedly fell in February, with a decrease concentrated among lower-middle-income households, though Americans grew more upbeat about the labor market.
“There is an expectation in the market that the Fed could keep the pace of interest rate hike higher which is capping gains for metal prices. While there are also bets in the market regarding further slowdown in the U.S. economy this year, that could push the Fed into pausing its rate hike cycle. After weak consumer confidence numbers, focus this week will be on Manufacturing and Service PMI data. Broader trend on COMEX could be in the range of $1810- 1850 and on domestic front prices could hover in the range of Rs 55,200-56,100,” said Manav Modi, MOFSL.