Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading flat on Tuesday, while the silver rate is down 0.47%. On Multi Commodity Exchange, gold June futures were trading at Rs 59,735 per 10 grams, down Rs 29 or 0.05%. Silver May futures were trading lower by Rs 358 at Rs 75,101 per kg on MCX.
Globally, the yellow metal prices were flat on Tuesday, as cautious market participants awaited fresh cues from top central banks on their monetary policy plans, especially from the U.S. Federal Reserve, according to Reuters. Spot gold was unchanged at $1,982.69 per ounce by 0248 GMT. U.S. gold futures fell 0.1% to $1,991.00.
“We expect bullion prices should consolidate within a narrow range before the FOMC meeting outcome. Volatility likes to expand post macro events. Comex spot gold having support at $ 1960/$1935 per ounce and resistance at $2005/$2017 per ounce. MCX Gold June future having supports at Rs 59,410/59,160 per 10 gram and resistances at Rs 60,080/60,300 per 10 grams,” said Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities.
Gold hold steady, traders await cues from US Fed
“Gold prices held steady as market participants awaited fresh cues from top central banks on their monetary policy plans, especially from the U.S. Federal Reserve, while silver posted gains following an up-move in base metals. The Federal Reserve, which meets on May 2-3, is widely expected to hike interest rates by 25 bps at the conclusion of a two-day meeting; but markets are uncertain over whether the central bank will signal a pause in its rate hike cycle. Also, The European Central Bank is widely expected to raise rates for the seventh straight meeting on Thursday. On the data front, the institute for Supply Management (ISM) said on Monday that its manufacturing PMI rose to 47.1 last month from 46.3 in March, which was the lowest reading since May 2020.
“Regulators seized First Republic Bank and sold its assets to JPMorgan Chase & Co on Monday, in a deal to resolve the largest U.S. bank failure since the 2008 financial crisis and draw a line under a lingering banking turmoil. Focus today will be on the US factory orders and EU CPI data. Broader trend on COMEX could be in the range of $1960-2005 and on domestic front prices could hover in the range of Rs 59,500-60,300,” said Manav Modi, MOFSL.