28 Feb , 2023 By : Monika Singh
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading in the red on Tuesday despite positive global cues, while the silver rate is down 0.28%. On Multi Commodity Exchange, gold April futures were trading at Rs 55,362 per 10 grams, down Rs 114 or 0.21%. Silver March futures were trading lower by Rs 179 at Rs 63,745 per kg on MCX.
Globally, the yellow metal prices eased on Tuesday and were headed for their biggest monthly loss since June 2021 as impending interest rate hikes by the U.S. Federal Reserve sapped the non-yielding asset’s appeal. Spot gold was down 0.1% at $1,816.19 per ounce, after hitting a two-month low on Monday. U.S. gold futures fell 0.1% to $1,823.30.
“Gold and silver prices witnessed mixed trend in a volatile session on Monday after the mixed U.S. economic data. Gold prices were moderately higher on short covering in the futures market after dropping to a nine-week low in overnight dealings. Silver prices were weak and hit a near four-month low today. The dollar index witnessed profit taking at a higher level which supported gold prices.
We expect gold and silver to remain volatile in today’s session. Gold has support at $1804-1792 while resistance is at $1828-1836. Silver has support at $20.52-20.40, while resistance is at $20.95-21.15. In INR terms gold has support at Rs 55,240-54,980, while resistance is at Rs 55,760, 55,950. Silver has support at Rs 62,450-62,020, while resistance is at Rs 63,590–64,180,” said Rahul Kalantri, VP Commodities, Mehta Equities.
“Gold inched lower as prospects of further interest rate hikes from the U.S. Fed continued to weigh on the zero-yielding asset’s appeal. U.S. inflation and signs of economic resilience in the country drummed up fears that the Federal Reserve will have enough economic headroom to keep raising interest rates. U.S. core capital goods orders accelerated in January, beating forecasts, and contracts to buy previously owned U.S. homes rose the most in more than 2-1/2 years in January. Money manager’s now expect the U.S. Fed’s target rate to peak at 5.405% in September, from a current range of 4.50% to 4.75%, giving a boost to the U.S. Yields as well. Market participants’ focus today will be on India’s GDP and US consumer confidence data. Broader trend on COMEX could be in the range of $1790-1830 and on domestic front prices could hover in the range of Rs 55,000-55,650,” said Manav Modi, MOFSL.
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