Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate was positive on Tuesday despite mixed global cues, while silver rate was up 0.6%. On Multi Commodity Exchange, gold February futures were trading at Rs 53,709 per 10 grams, up Rs 204 or 0.38%. Silver March futures were trading Rs 394 up at Rs 65,580 per kg on MCX. Globally, the yellow metal prices rose as a result of a slight pullback in the dollar, making the dollar-backed bullion less expensive for traders holding different currencies, according to Reuters. Spot gold was up 0.4% at $1,775.69 per ounce. US gold futures rose 0.3% to $1,787.10.
Rahul Kalantri, VP Commodities, Mehta EquitiesGold and silver prices traded sharply lower in evening trades on Monday after hitting multi-month highs in the morning session. Metal prices were hit by heavy profit taking from the shorter-term futures traders and bearish markets.
Navneet Damani, Sr. VP, Commodity & Currency, MOFSLGold price continue to trade steady, hovering around the $1800 mark, after falling more than 1.5% in the previous session as the US dollar rebounded on bets that strong economic data may prompt bigger interest rate hikes by the Federal Reserve. The dollar index rebounded after data showed US services industry activity unexpectedly picked up in November, prompting speculation the Fed may lift interest rates more than recently projected. Positive US services industry, employment data, is offering more evidence of underlying momentum in the economy as market participants anticipate global growth slowdown next year.
Volatility today might be a bit low as no major data points are scheduled from the US although focus shifts today the RBI policy meeting scheduled tomorrow. Top bullion consumer China is set to announce a further easing of some of the world’s toughest COVID curbs as early as Wednesday, sources said, as investors cheered the prospect of a policy shift that follows widespread protests and mounting economic damage. Broader trend on COMEX could be in the range of $1750-1795 and on domestic front prices could hover in the range of Rs 53,280 – 54,000.
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Gold prices expected to trade with negative bias: ICICI Direct reportGold prices tumbled on Monday amid a strong dollar and rise in US treasury yields. Yields rose as improved services PMI data and solid job reports reinforced expectations that the Fed will continue to raise interest rates well into 2023.
Gold prices are expected to trade with a negative bias for the day amid strong dollar and surge in US treasury yields. Further, upbeat economic data from the US fuelled expectations among investors that peak for the Fed funds will be higher than anticipated. MCX Gold prices are likely to break the key support level of 53,350 to continue its downward trend towards the level of 53,200.
Ravindra Rao, CMT, EPAT, VP-Head Commodity Research, Kotak SecuritiesCOMEX Gold trades mildly higher today recovering from the lows of $1778/oz hit in yesterday’s session. After solid gains posted in the previous week, gold gave away a part of gains on Monday as the US Dollar and bond yields recovered amid some encouraging US data prints. The US Dollar recovered from a five-month low as US factory orders and ISM services PMI rose above expectations. With better-than-expected data prints, the Federal Reserve gets more room for extended interest rate hikes that is not good for non-yielding assets like bullion. On the price front, COMEX gold has not sustained above the 252 DMA resistance near $1804. Additionally, $1825 would act as the next hurdle. So, until the said resistances hold, we expect a range-bound move in gold between $1773 to $1820.
