Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading higher on Tuesday, while the silver rate is up 0.43%. On Multi Commodity Exchange, gold August futures were trading at Rs 58,517 per 10 grams, up Rs 105 or 0.18%. Silver July futures were trading higher by Rs 295.00 at Rs 69,480 per kg on MCX.
Globally, the yellow metal prices rose on Tuesday on a weaker dollar ahead of key economic data from China and the United States due in the week, as well as U.S. Federal Reserve Chair Jerome Powell’s upcoming speech, to assess how rate hikes would pan out, according to Reuters. Spot gold rose 0.3% to $1,928.14 per ounce by 0402 GMT while U.S. gold futures were up 0.2% to $1,937.70.
“Gold rate may continue to trade in a range as aggressive monetary tightening and hawkish messaging by major central banks stoked fears of a global economic slowdown, but higher yields have boosted safe-haven demand for the dollar,” said Ravindra V. Rao, VP-Head Commodity Research, Kotak Securities.
Gold inches higher on falling dollar
“Gold price continues to inch higher, amidst a weaker dollar and uncertainty regarding Russia’s internal fight which happened over the weekend, although prices hovered close to three-month lows as traders assessed prospects of more interest rate hikes by the U.S. Federal Reserve. Heavily armed Russian mercenaries withdrew from the southern Russian city of Rostov on Sunday, while authorities were still investigating the mercenary leader whose weekend mutiny appeared to be a major threat to President Vladimir Putin’s 23-year-old rule.
“Market participants adopted a more cautious approach as major central banks continue fighting inflation with rate hikes at the time most were believed to be already on pause and preparing to move in the opposite direction. Investors will get a fresh update on the possible future path of interest rates later this week, as the US PCE price index is scheduled to release, as it is the Federal Reserve’s preferred inflation gauge and is still far away from Fed’s target of 2%. Focus today will be on the US Core Durable goods orders and Consumer confidence data, said Manav Modi, Research Analyst Commodities and Currencies at MOFSL.