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Gold Price Today, 29 Sep 2022: MCX gold may hover in Rs 49730-50470 range; all eyes on RBI MPC, US GDP

29 Sep , 2022   By : Monika Singh

Gold Price Today, 29 Sep 2022: MCX gold may hover in Rs 49730-50470 range; all eyes on RBI MPC, US GDP

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate and silver rate in India were trading sideways on Thursday, as US dollar inched higher on recession fears. On the Multi Commodity Exchange, gold October futures were trading Rs 30 up at Rs 49,780 per 10 gram. Silver December futures were ruling at Rs 56,169 per kg, down Rs 359 or 0.6 per cent on MCX. Globally, yellow metal prices retreated as the U.S. dollar firmed on concerns that rising interest rates would spark a global recession, making greenback-priced bullion more expensive for overseas buyers, according to Reuters Spot gold was down 0.2% at $1,656.59 per ounce. In the previous session, bullion rose as much as 2%. U.S. gold futures dipped 0.2% to $1,667.10.

Gold attempted a relief rally as the dollar fell, although prospects of sharp rate hikes kept the non-yielding precious metal near a 2-1/2-year trough. Chicago Fed President Charles Evans, St. Louis Fed President James Bullard and Minneapolis Fed Bank President Neel Kashkari echoed the U.S. central bank’s pledge to focus on tackling soaring inflation. Dollar against its major crosses fell below 113 level — down 1.3% on the day for its sharpest tumble since June’22. The BOE took emergency action, unleashing a £65bn bond-buying programme aimed at stemming a spiraling crisis in government debt markets, supporting its currency. Along with the Dollar, the yield on the U.S. 10-Year Treasury note tumbled to a near one-week low of ~3.7 from a 14-year high of ~4.01. We are also witnessing updates regarding geo-political tensions supporting the metals on the lower end. Today focus will be on the important U.S. GDP, Core PCE and weekly jobless claims data. Broader trend on COMEX could be in the range of $1620-1680 and on domestic front prices could hover in the range of Rs 49730-50,470.

Comex gold prices fell 0.3% to $1,655.86 in the early morning session on Thursday but saw a strong buying in the earlier session on Wednesday Both instruments Gold and Silver surged nearly 2% on Wednesday, logging their best day in two months. In Comex Gold has support at $1640-1630, while resistance is at $1680-1690. Silver has support at $18.30-18.40, while resistance is at $19.00-19.10 while  gold at MCX  has support at Rs 49400-49500 and resistance is at Rs 49900-50100. Silver has support at Rs 56200-56000, while resistance is at Rs 56800–57000.

COMEX gold trades 0.50% lower near $1661/oz after a 2% gain yesterday. The US Dollar Index witnessed a sharp correction yesterday along with the US 10-year treasury yields that closed sharply lower near 3.733?ter testing near 4% in the early session. The crash in US Dollar and bond yields gave some respite to the gold bulls as the bullion recovered from the lows to close near $1670/oz. Although gold prices have recovered from the lows it will be interesting to see whether the dollar continues to slide or it’s just a blip. The rally in gold will continue only if the US Dollar sustains lower. Markets will remain cautious ahead of release of US second quarter GDP and speeches by Fed officials

MCX Gold December future saw a sharp pull back to Rs. 50,000 per gram as Comex Gold rebounded from a crucial technical support of around $1,620 an ounce after the greenback retreated. The BoE’s calculative intervention in the market has hurt the dollar but still we need further confirmation before shorting the USDINR pair. Ahead of RBI policy outcome, scheduled tomorrow, the rupee may stay flat. For Comex gold, $1,650 an ounce is a stiff resistance. The US will release GDP for Q2 later today. Hence the dollar may stay volatile. MCX Gold Dec may find support near Rs 49,850 an ounce.

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