30 Jan , 2023 By : Monika Singh
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading flat on Monday as a result of mixed global cues, while the silver rate is up 0.21%. On Multi Commodity Exchange, gold April futures were trading at Rs 57,229 per 10 grams, down Rs 50 or 0.09%. Silver March futures were trading higher by Rs 141 at Rs 68,470 per kg on MCX. Globally, the yellow metal prices remained steady on Monday as traders await the US Federal Bank’s verdict on rate hikes, according to Reuters. Spot gold held its ground at $1,926.65 per ounce. U.S. gold futures were down 0.2% at $1,925.50.
“Gold and silver ended lower last week from their highs as the dollar index recovered from its lows following the upbeat U.S. new home sales data. The U.S. 10-year bond yields also gained and crossed 3.50% ahead of the U.S. Fed policy meeting that pushed gold and silver prices lower. The U.S. new home sales in December increased by 2.3%. The U.S. unemployment claims also declined last week. We expect gold and silver to remain volatile this week ahead of the Union Budget and the U.S. Fed meeting outcome.
Gold has support at $1917-1905 while resistance is at $1942-1954. Silver has support at $23.52-23.35, while resistance is at $23.98-24.15. In INR terms gold has support at Rs 56,750-56,610, while resistance is at Rs 57,140, 57,280. Silver has support at Rs 67,850-67,320, while resistance is at Rs 68,950–69,480.”
“Gold prices are hovering around the $1930 level for the past few days as investors are cautious and have endorsed a wait and watch stance before the eventful week starting from 31st Jan ‘23. We have a series of data such as Consumer Confidence, Fed meet, Non-farm payroll data, ISM Manufacturing, and Union Budget (India). Economic data may affect Fed monetary policy and the dollar index. Bullion prices are sensitive to the dollar index. We see strong resistance around the $1940 level and support around the $1900 level.”
“Gold prices edged lower on Friday amid an uptick in the dollar index and as investors await major central bank’s rate hike verdicts. Further, bullion prices were pressurized on a rise in US 10 year’s treasury yields. Gold is expected to trade with a positive bias for the day amid a soft dollar and on concerns over a global economic slowdown. Further, data from the US showed a decline in consumer spending, smallest gain in personal income and easing of inflation, providing room for the Fed to further slow the pace of rate hike. MCX Gold is likely to hold the key support level of 56,500 level and rise back to 57,000 levels in the coming trading session. MCX silver prices dropped 0.50% and are expected to trade in a downward trend further till 67,300.”
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