Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading flat on Thursday, while the silver rate is down 0.74%. On Multi Commodity Exchange, gold August futures were trading at Rs 58,600 per 10 grams, down Rs 114 or 0.19%. Silver July futures were trading lower by Rs 514 at Rs 68,733 per kg on MCX.
Globally, the yellow metal prices were little-changed on Thursday on renewed talks of interest rate hikes this year by the U.S. Federal Reserve, keeping the bullion pinned near a three-month low hit in the previous session, according to Reuters. Spot gold was flat at $1,932.35 per ounce by 0242 GMT. U.S. gold futures ticked down 0.1% to $1,942.70.
“Gold price has support at $1924-1912 while resistance is at $1945-1956. Silver rate has support at $22.48-22.32, while resistance is at $22.95-23.08. In INR terms, gold rate has support at Rs 58,480-58,320, while resistance is at Rs 58,840, 59,050. Silver price has support at Rs 68,820-68,420, while resistance is at Rs 69,740–70,420,” said Rahul Kalantri, VP Commodities, Mehta Equities.
Gold prices steady after hitting 3 month low
“Gold steadies after hitting 3-month low helped by a retreat in the dollar, although an uptick in bond yields after U.S. Federal Reserve Chair Jerome Powell’s congressional testimony capped gains. Governor Powell mentioned in his remarks that the fight against inflation still “has a long way to go.” He also mentioned that it makes sense to move rates higher at a more moderate pace, while reassuring the market that the economy and banking segment is steady.
“Chicago Fed Bank President Goolsbee said on Wednesday the central bank needs more clarity on inflation and the labour market’s trajectory before deciding on its next step. The prospect of further increases in U.S. interest rates has weighed heavily on gold over the past month, given that it increases the opportunity cost of holding bullion. Focus today also will be on Fed governors testimony and Fed officials’ comments. BOE policy meeting where they are expected to raise rates by 25 bps and US weekly jobless claims data will also be important to keep an eye on,” said Manav Modi, MOFSL.