Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX Gold prices slipped marginally on Tuesday, while the silver rates fell 0.06%. On the Multi Commodity Exchange, gold October futures were trading at Rs 59,390 per 10 grams, down by Rs 30 or 0.5%. Silver September futures were trading down by Rs 41 at Rs 71, 227 per kg on MCX.
Gold prices edged lower on Tuesday as the dollar regained some footing, with investors awaiting US inflation numbers due this week for clarity on whether more rate hikes are on the table, according to Reuters. Spot gold was down 0.1% at $1,934.22 per ounce, while U.S. gold futures were flat at $1,968.80.
“Gold has support at $1920-1908 while resistance is at $1942-1955. Silver has support at $22.88-22.72, while resistance is at $23.25-23.38 In INR terms gold has support at Rs 59,110, 58,840. while resistance is at Rs 59,570, 59,680. Silver has support at Rs 70,680-70,120, while resistance is at Rs71,940–72,540,” Rahul Kalantri added.
Traders eye US inflation data
“Gold price slipped at the start of this week, on the back of hawkish comments from a few Fed officials supporting an up-move in Dollar Index and US Yields. Fed official Bowman, in remarks to an event in Atlanta, largely reiterated comments from her previous speech that additional interest rate hikes would likely be needed to rein in inflation. On the other hand, John Williams, president of the Federal Reserve Bank of New York, expects that interest rates could begin to come down next year,” said Manav Modi, Research Analyst Commodities and Currencies at MOFSL.
“Bullions did receive some support from the US non-farm payroll data which was reported at 187k against expectations of 200K last week, however, unemployment rate was reported 0.1% lower and average hourly earnings was also reported better than expectations, weighing on bullions. Focus this week will be on inflation data from the US that could offer more clarity on the Fed’s policy stance and RBI policy meeting,” Manav Modi added.