Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading lower on Wednesday, while the silver rate is up 0.06%. On Multi Commodity Exchange, gold August futures were trading at Rs 59,968 per 10 grams, down Rs 30 or 0.05%. Silver May futures were trading higher by Rs 46 at Rs 71,089 per kg on MCX.
Globally, the yellow metal prices eased on Wednesday, set for a monthly drop, as progress in the U.S. debt ceiling deal and expectations that the Federal Reserve will likely raise interest rates further eroded bullion’s safe-haven status, according to Reuters. Spot gold fell 0.2% to $1,955.28 per ounce by 0243 GMT, and lost 1.7% so far this month. U.S. gold futures eased 0.2% to $1,954.80.
“Surprisingly, US consumer confidence data was reported higher than anticipated yesterday showing market’s optimism regarding the economy and weighing on bullions. Focus today will be on comments from a few fed officials and India GDP data. Broader trend on COMEX could be in the range of $1940-1970 and on domestic front prices could hover in the range of Rs 59,500-60,350,” said Manav Modi, MOFSL.
Gold trades slightly muted
“Gold price traded slightly down with spot gold at Comex was trading lower by 0.04% at $1958 per ounce in the morning trade. Gold rate is down almost 1.50% this month erasing gains made earlier in May when it surged to near a record on fears of a US default. Those concerns have been largely alleviated as President Joe Biden and Republican House Speaker Kevin McCarthy express confidence that lawmakers will pass legislation in time to avert such a scenario. Additionally, the rally in the US dollar and bond yields weighed on yellow metal.
“We expect range-bound trade will continue in gold rate, with Comex spot gold likely to trade in the range of $1935 to $1970 per ounce for the day. Comex spot gold has support at $1935/$1923 per ounce and resistance at $1970/$1984 per ounce for the day. MCX Gold August future has supports at Rs 59,480/59,270 per 10 gram and resistances at Rs 60,080/60,450 per 10 grams,” said Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities.