Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate dipped 0.2% and Silver rate fell 0.39% on Tuesday. Gold futures on the multi-commodity exchange for June delivery were trading at Rs 60,903, down 124 points and Silver futures for July delivery fell 286 points to Rs 73,116. Globally, gold prices eased marginally as traders assessed comments from US central bank officials on interest rates staying high, while the US debt-ceiling debate and risk of a default curbed further losses in bullion. Spot gold fell 0.2% to $2,016.72 per ounce while US gold futures were down 0.1% to $2,020.20. Meanwhile, spot silver fell 0.3% to $24.04 per ounce, platinum dipped 0.1% to $1,063.66, while palladium was slightly changed at $1,531.60.
Gold to trade higher towards Rs 61450 levels
Despite remarks from Federal Reserve officials, gold price rose on Monday as traders held to their predictions of interest rate reduction before the year’s end and kept an eye on the US debt ceiling negotiations. In the meantime, the debt-ceiling negotiations to prevent a catastrophic default started a crucial week with President Joe Biden and Republican House Speaker Kevin McCarthy. “Most market participants continued to predict at least one rate reduction before 2023 comes to a conclusion. Gold with a zero yield has less appeal as interest rates rise. We expect gold to trade higher towards Rs 61450 levels, a break of which could prompt the price to move higher to Rs 61800 levels,” said Prathamesh Mallya, DVP Research, Non-Agro Commodities & Currency, Angel One Ltd.