09 Jun , 2022 By : monika singh
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold and silver prices were ruling flat with a positive bias in India on Thursday, mirroring global cues. On Multi Commodity Exchange, gold August futures were trading at Rs 51,104 per 10 gram, up Rs 53. Silver July futures were ruling Rs 184 or 0.3 per cent up at Rs 62,210 per kg. Globally, yellow metal prices inched lower with prices restrained by rising Treasury yields ahead of key U.S. jobs and inflation data this week, according to Reuters. Spot gold was down 0.1% at $1,852.21 per ounce, while U.S. gold futures also eased 0.1% to $1,853.90. Benchmark U.S. 10-year Treasury yields firmed, lowering the appeal of zero-yield gold.
The ECB is set to end trillions of euros of asset purchases and cement a path to exiting eight years of negative interest rates at its meeting Thursday. Investors now speculate that an end to sub-zero policy could materialize as soon as July. Meanwhile, the Fed is expected to increase rates by 50 basis points at its June 14-15 gathering. The risk of an economic slowdown due to rate hikes across much of the world has spurred some investors to seek a store of value. The OECD said the global economy will pay a “hefty price” for the war in Ukraine encompassing weaker growth, stronger inflation and potentially long-lasting damage to supply chains, echoing a similar warning from the World Bank. MCX gold Aug may appreciate to Rs 51,150 per 10 gm.
Gold prices traded firm on Thursday with spot gold prices at COMEX were trading near $1854 per ounce in the morning trade. MCX Gold Aug futures opened higher near Rs. 51090 per 10 gram following strong global prices. The yellow metal traded up ahead of ECB rate decision and inflation worries despite strong US bond yields. The weak equity indices are also supporting buying in safe haven assets. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1840 and resistance at $1870 per ounce. MCX Gold Aug support lies at Rs. 50800 and resistance at Rs. 51300 per 10 gram.
Gold prices are slowly pulling upwards amid high inflationary pressure, geopolitical tensions relating to North Korea and global growth worries. The consolidation in gold may continue unless there are fresh triggers, however gains in US dollar and continuing Fed’s tightening expectations may keep pressure on prices.
Buy Zone Above – 51150 for the target of 51500
Sell Zone Below – 50800 for the target of 50500
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