Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading in the positive on Tuesday, while the silver rate is down 0.11%. On Multi Commodity Exchange, gold June futures were trading at Rs 60,111 per 10 grams, up Rs 110 or 0.18%. Silver May futures were trading lower by Rs 85 at Rs 76,215 per kg on MCX.
Globally, the yellow metal ticked higher on Tuesday after the dollar retreated as cautious investors awaited further U.S. economic data due this week to gauge the Federal Reserve’s next policy move, according to Reuters. Spot gold rose 0.3% to $1,994.90 per ounce by 0311 GMT, and U.S. gold futures also gained 0.3% to $2,005.00.
“Investors now await crucial economic data from the U.S., including the U.S. GDP on Thursday and the PCE price index on Friday, for more cues on Fed’s future policy. Central banks from the Fed to ECB are all expected to raise interest rates when they meet next week, in a move to curb the inflation, which might act as a short term headwind for gold prices,” said Ravindra V.Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities.
Dollar’s fall supports gold prices
“Gold and silver prices were marginally higher on Monday, as lower U.S. dollar index and a decline in U.S. Treasury yields supported the metal prices. However, caution may still prevail in the metals market amid concerns that the U.S. Federal Reserve monetary policy is likely to maintain a hawkish stance in the coming months. Despite a possible rate hike by the U.S. Fed, the dollar index plunged again that supported precious metals. The market is fearing a U.S. economic slowdown and higher inflation, resulting in a safe-haven demand for precious metals.
“Gold has support at $1982-1970 while resistance is at $2005-2014. Silver has support at $25.08-24.82, while resistance is at $25.38-25.55. In INR terms gold has support at Rs 59,780-59,650, while resistance is at Rs 60,240-60,490. Silver has support at Rs 74,520-73,980, while resistance is at Rs 75,550–75,910,” said Rahul Kalantri, VP Commodities, Mehta Equities.