Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading higher on Tuesday, while the silver rate is low by 0.12%. On Multi Commodity Exchange, gold August futures were trading at Rs 58,417 per 10 grams, higher by Rs 8 or 0.01%. Silver September futures were trading lower by Rs 84 at Rs 70, 458 per kg on MCX.
Gold stuck to a narrow range on Wednesday as investors awaited the release of the U.S. Federal Reserve’s latest monetary policy meeting minutes later in the day, with a stronger dollar also weighing on prices, according to reuters. Spot gold was little changed at $1,923.66 per ounce, while U.S. gold futures rose 0.1% to $1,931.20.
“We expect Comex gold prices to trade in a broader range of $1910 to $1935 per ounce for the day. The upside will extend to $1950/oz if the price crosses resistance at the $1935 level. MCX Gold August future has support at Rs 58050 per 10 gram and resistance at Rs 58700 per 10 grams,” said Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities.
Gold to remain volatile
“COMEX Gold prices rose for the third day, and ended with marginal gains on Tuesday, tracking a retreat in the US benchmark treasury yields after the recent economic releases. According to the CME Fed Watch tool, the probability for quarter point hikes in July and September stands at 88% and 18% respectively. FOMC June meeting minutes will be released later today. Minutes might show official’s willing to raise rates further to curb inflation. Fed Chair Powell reinforced last week that interest rates will continue to rise this year and telegraphed two more quarter point hikes. US Labour data this week will set expectations for Fed policy outcome ahead of the next FOMC meeting on 26th July. Better than expected data might be a headwind for gold prices in the short term,” said Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities.