Gold price today, gold price outlook, gold price forecast: Gold was trading weakly in India on Thursday despite positive global trends. On Multi Commodity Exchange, August gold futures were Rs 17 lower at Rs 50,712 per 10 grams. So far this fiscal year, MCX gold is down 2.4 percent. Silver September futures traded at Rs 59,708 per kg, down from Rs 83 or 0.14 percent. Globally, the yellow metal solidified as US Treasury yields fell, but it is in its worst quarter since early 2021, according to Reuters, as the dollar has cemented its place as a safe haven of choice amid major central banks adopting aggressive tactics. against runaway inflation. Spot gold rose 0.1% to $1,818.31 an ounce, while US gold futures also strengthened 0.1% to $1,819.70.
Navneet Damani, Senior Vice President – Commodities and Currency Research, Motilal Oswal Financial Services
Gold prices have fluctuated in the previous session, caught between headwinds from aggressive rate hikes and support from safe-haven bids, spurred by mounting recession risks. The dollar rose to the highs of the past two decades and could mark its best quarter in more than five years. The dollar index rose from ~103.80 to above 105 in two days, weighing on the precious metals package. The US reported a 1.6% contraction against expectations of -1.5% in the final GDP figure, raising fears of a global growth slowdown. While market participants are anticipating an aggressive stance from the Fed at their next meeting in July, there are debates about a 75 or 100 basis point hike as the central bank is determined to lower inflationary pressures. Reducing high inflation around the world will be painful and could even crash growth, but it needs to be done quickly to prevent rapid price growth from becoming entrenched, the world’s chief central bank chiefs. Amid this noise of recession and aggressive rate hikes, a cautious approach is warranted. The focus today will be on UK growth numbers and core PCE data from the US. A broader trend on COMEX could be in the range of $1805-1830 and on domestic fronts, prices could hover in the range of Rs 50,300-51400
Bhavik Patel, Commodity & Currency Analyst, Tradebulls Securities
Gold prices fell sharply after US GDP figures came in lower than expected and the US Fed committed to tackling inflation. Investors feared the US and world economies would plunge into recession, prompting them to buy the safe haven US dollar. Gold is once again in the $1811-1800 support zone in COMEX. From a technical standpoint, the gold trend is slightly bearish and a breach below $1800 should allow traders to add new shorts. Gold’s range-bound movement is a bit of a concern as both volumes and interest have dried up. Usually when a commodity trades sideways, it is the precursor to a bearish move. We would look to see if gold breaks $1800 or bounces back around the $1833 mean average.
Tapan Patel, Senior Analyst – Commodities, HDFC Securities
Gold prices held steady with COMEX on Thursday Spot prices for gold traded close to $1820 an ounce in morning trading. MCX Gold August contract opened flat near Rs. 50726 per 10 grams in line with the COMEX gold price. Gold price is stuck in the narrow range on mixed global signals. Prices are not deviating from current ranges against FED expectations for hikes and fears of slowing down. The dollar index and US bond yields were also stable after US GDP data. We expect gold price to move sideways for the day with support from COMEX Spot Gold at $1810 and resistance at $1830 an ounce. Support for MCX Gold August futures is at Rs. 50500 and resistance at Rs. 51000 per 10 grams.
(The views expressed in this story have been expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)
