Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading flat on Friday, while the silver rate is up 0.23%. On Multi Commodity Exchange, gold August futures were trading at Rs 59,338 per 10 grams, down Rs 17 or 0.03%. Silver July futures were trading higher by Rs 164 at Rs 72,290 per kg on MCX.
Globally, the yellow metal prices moved in a tight range on Friday as traders weighed recent U.S. economic data and hawkish signals from the Federal Reserve, while a relatively softer dollar provided some support to bullion. Spot gold was flat at $1,957.84 per ounce by 0238 GMT. U.S. gold futures too were listless at $1,970.30.
“Gold rate is expected to trade between $1920 and $1975. The yellow metal is still vulnerable as it is relying mainly on the yields and Dollar Index, which are presently functions of markets’ own understanding of the Fed’s forward path,” said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.
Gold prices witness recovery
“Gold and silver price witnessed a sharp recovery after slipping in the earlier session following the Fed policy meeting. It has been a volatile week indeed, post the US inflation data, market participants were cautiously awaiting for the Fed policy meet. The US central bank kept their rate unchanged, but raised expectations for two more rate hikes this year, they also increased the GDP forecast and mentioned the Inflationary concerns still existing in the market.
“Expectations for further rate hikes, supported move in US Yields, weighing on bullions. In the second half of yesterday’s session US Retail sales surprisingly reported higher; however industrial production and weak jobless claims led to a sharp recovery for both metals. The ECB announced a rate hike of 25 bps and raised its interest rate to the highest level since 2001, which weighed on the dollar index. Focus today will be on EU CPI, Michigan consumer sentiment and comments from a few fed officials,” said Manav Modi, MOFSL.