Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading flat on Thursday, while the silver rate is down by 0.11%. On Multi Commodity Exchange, gold June futures were trading at Rs 61,273 per 10 grams, up Rs 20 or 0.03%. Silver July futures were trading lower by Rs 86 at Rs 76,602 per kg on MCX.
Globally, the yellow metal prices edged higher on Thursday, aided by a weaker dollar and economic worries, while investors sought further clarity on the U.S. Federal Reserve’s monetary policy path, according to Reuters. Spot gold was up 0.2% at $2,032.74 per ounce, as of 0327 GMT. U.S. gold futures were up 0.1% at $2,038.90.
“Over the past few days, the market has remained within the trading range between 61,600 and 60,800, with gold likely to continue trading within this range as long as support and resistance levels remain intact. Traders may want to consider selling gold during rallies around 61,600, targeting an intraday level of 61,400,” said Deveya Gaglani, Commodities Analyst, Axis Securities.
Gold prices gained 0.7%
“Gold rate rose as much as 0.7% after data showed U.S. Consumer Price Index (CPI) rose 4.9% on-year, lower than expectations of a 5% increase, before turning negative. Month-over-month CPI in April rose 0.4% after gaining 0.1% in March. Despite optimism over a pause in rate hike cycle this year, the dollar index was trading firm, influencing an immediate profit-taking. The data disrupted the modest momentum that had been building for an 11th straight interest rate hike in June, with the bulk of futures tied to the Fed’s rate betting on a pause.
“With the US CPI reported at 5% which is for the first time in two years, market participants are pricing in 90% probability for a pause and 10% for a rate hike. U S. President Joe Biden piled pressure on Republican lawmakers to move quickly to raise the country’s $31.4 trillion debt ceiling or risk throwing the world’s largest economy into a recession. Focus today will be on the US PPI and BOE policy meeting. Broader trend on COMEX could be in the range of $2015-2045 and on domestic front prices could hover in the range of Rs 60850-61600,” said Manav Modi, MOFSL.