Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX Gold prices bounced back on Wednesday, while the silver rates climbed 0.39%. On the Multi Commodity Exchange, gold October futures were trading at Rs 59,340 per 10 grams, up by Rs 92 or 0.16%. Silver September futures were trading up by Rs 275 at Rs 70, 491 per kg on MCX.
Gold prices bounced back on Wednesday from one-month lows hit in the previous session, as the dollar and bond yields weakened a day ahead of the release of U.S. consumer price data that could build the case for or against further interest rates hikes, according to Reuters. Spot gold rose 0.3% to $1,929.99 per ounce, having dropped to its lowest since July 10 at $1,922 on Tuesday. US gold futures were up 0.2% at $1,963.80.
“Meanwhile, Federal Reserve Bank of Philadelphia President Patrick Harker said the US central bank may be able to cease interest-rate increases, barring any surprises in the economy, though rates would need to stay at their current elevated levels for some time. We expect gold prices to trade with a positive bias for the day amid safe haven bids. Still, the upside might be limited as investors remain cautious ahead of US CPI due tomorrow,” Ravindra Rao added.
Gold to remain volatile
“Gold and silver prices ended lower on Tuesday, with the yellow metal slipping to a 1-month low and silver falling to 2-month lows after weak Chinese import and export data. Chinese exports fell worse than expected by 14.5% in July, its highest decline since February 2020. After downbeat Chinese data, Yuan fell to more than two week lows and supported the dollar. The dollar index tested 102.50 marks and pushed precious metals lower. We expect gold and silver prices to remain volatile this week ahead of the US inflation data,” said Rahul Kalantri, VP Commodities, Mehta Equities
“Gold has support at $1916-1905 while resistance is at $1937-1948. Silver has support at $22.58-22.42, while resistance is at $22.94-23.10 In INR terms gold has support at Rs 59,020 – 58,840, while resistance is at Rs 59,490 – 59,610. Silver has support at Rs 69,780 – 69,320, while resistance is at Rs 70,840 – 71,540,” Rahul Kalantri added.