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 down 0.2%. On Multi Commodity Exchange, gold April futures were trading at Rs 56,916 per 10 grams, up Rs 6 or 0.01%. Silver March futures were trading lower by Rs 140 at Rs 68,689 per kg on MCX. Globally, the yellow metal remains range-bound as traders continue to exercise caution prior to the US Fed’s verdict on the interest rate change, according to Reuters. Spot gold was down 0.1% at $1,925.09 per ounce. U.S. gold futures fell 0.3% to $1,940.50.
Gold likely to trade with a positive bias: ICICIDirect report
Gold prices recovered from their day’s lows and ended near the higher end of the day as a weaker set of economic numbers from the US raised hopes of a slowdown in interest rate hike. The US CB consumer confidence dipped to 107.10 against the previous reading of 109. Furthermore, weakness in Chicago PMI numbers and House price index has raised concerns of a slowdown in the economy. Additionally, a decline in 10-year bond yields and slide in the dollar index has supported the gold rally. Gold prices are likely to trade with a positive bias amid expectation of a slowdown in the aggressive Fed interest rate regime. Moreover, forecast of disappointing ISM manufacturing numbers and weakening of the labor market may support prices. Meanwhile, the major focus shifts towards the FOMC statement. MCX silver is likely to rise towards the key target zone of 69,500.
Precious metals’ strong recovery was seen after disappointing U.S. consumer confidence data as well as a report from the World Gold Council said that central banks added a whopping 1,136 tonnes of gold worth some $70 billion to their stockpiles in 2022, by far the most of any year since 1967.
We expect gold and silver to remain volatile ahead of the U.S. Fed meeting and Indian Union Budget. Gold has support at $1914-1900 while resistance at $1940-1954. Silver has support at $23.42-23.15, while resistance is at $23.98-24.15. In INR terms gold has support at Rs 56,620-56,480, while resistance is at Rs 57,240, 57,510. Silver has support at Rs 68,350-67,620, while resistance is at Rs 69,450–69,880.”