Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading with gains on Tuesday, while the silver rate is up 0.56%. On Multi Commodity Exchange, gold August futures were trading at Rs 59,763 per 10 grams, up Rs 122 or 0.2%. Silver July futures were trading higher by Rs 406 at Rs 73,380 per kg on MCX.
Globally, the yellow metal prices edged higher on Tuesday as the dollar softened, although prices moved in a tight range as traders awaited U.S. inflation data later in the day and the Federal Reserve’s highly-anticipated policy decision on Wednesday, according to Reuters. Spot gold rose 0.2% to $1,960.59 per ounce by 0426 GMT. U.S. gold futures advanced 0.3% to $1,974.60.
Gold prices trade firm
“Gold rate traded firm, with spot gold at Comex was trading up by 0.15% at $1960 per ounce in the morning session. Gold prices are stuck in a narrow range ahead of important macro events. The US consumer price index print for May, which may affect the Fed decision, is due later today. The Federal Reserve, along with its peers in Europe and Japan, are expected to set key rates later this week, with the Federal Reserve’s latest policy decision to be announced on Wednesday. Lower interest rates are a benefit for non-yielding metals.
We expect a range-bound trend to continue in gold prices before the outcome of US consumer inflation data, and post-data volatility is likely to be expected. The Comex Gold price has immediate resistance at $1984 per ounce and support at $1935 per ounce. MCX Gold August future have support at Rs 59495 per 10 gram and resistance at Rs 60370 per 10 grams,” said Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities.