Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading higher on Monday, while the silver rate is up 1.12%. On Multi Commodity Exchange, gold August futures were trading at Rs 58,445 per 10 grams, up Rs 138 or 0.24%. Silver July futures were trading higher by Rs 812 at Rs 68,895 per kg on MCX.
Globally, the yellow metal prices edged higher in early Asian trade on Monday, helped by a weaker U.S. dollar, although chances of more interest rate hikes by the Federal Reserve this year to tame sticky inflation weighed on bullion’s appeal. Spot gold rose 0.3% to $1,926.29 per ounce U.S. gold futures were up 0.3% at $1,936.10 per ounce.
“We expect the short-term trend of the precious metal to remain sideways to moderately bearish, and market participants can adopt a sell-on-rise strategy. For the day, Comex spot gold rate has support at $1910 per ounce and resistance at $1950 per ounce. MCX Gold August future has support at Rs 58,850 per 10 gram and resistance at Rs 58,080 per 10 grams,” said Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities.
Gold prices to remain volatile
“Gold price and silver price witnessed high volatility last week and slipped for the second straight week on worries over likely further rate hikes from the U.S. Fed and a 50 basis point rate hike by the Bank of England. Hawkish comments by the Fed Chairman pushed gold and silver prices lower. However, downbeat U.S. flash manufacturing and services PMI data supported precious metals at lower levels. We expect gold and silver prices to remain volatile this week, but fresh tensions in Russia could support prices. Gold has support at $1912-1900 while resistance is at $1935-1944. Silver has support at $22.45-22.30, while resistance is at $22.90-23.10. In INR terms gold has support at Rs 58,080-57,880, while resistance is at Rs 58,510, 58,650. Silver has support at Rs 67,550-67,120, while resistance is at Rs 68,940–69,520,” said Rahul Kalantri, VP Commodities, Mehta Equities.