Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading flat with a positive bias on Tuesday, mirroring global trends. On Multi Commodity Exchange, gold August futures were ruling Rs 103 or 0.2 per cent up at Rs 50,752 per 10 gram, as against the previous close of Rs 50,649. Silver July futures were trading at Rs 60,177 per kg, up Rs 231 or 0.4 per cent. Globally, yellow metal prices were nearly flat as recent gains in Treasury yields prevented any significant interest in bullion, according to Reuters. Spot gold was last up 0.1% at $1,824.65 per ounce and U.S. gold futures were flat at $1,824.70.

Gold may rebound with investors weighing the outlook for global growth and monetary policy. Bullion is being struck by rising interest rates, which typically damp its appeal, and downturn risks that could boost its allure as a haven asset. It’s being pressured by the 10-year Treasury yield climbing back to near 3.2%, and is heading for a narrow decline in June. Fed Chair Powell last week called his commitment to curbing inflation “unconditional,” spurring fears aggressive tightening could trigger a recession. MCX Gold August may rise to Rs. 50,800 per 10 gram

Gold prices traded steady on Tuesday with spot gold prices at COMEX were trading marginal up near $1825 per ounce in the morning trade. MCX Gold August futures traded higher near Rs. 50722  per 10 gram in the morning trade following global gold prices. Gold prices have held range bound trading on mixed global cues on slowdown worries and larger rate hike expectations from US FED. The weak equity indices and possible ban on Russian gold has capped downside in gold prices while the dollar remained steady. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1810 and resistance at $1840 per ounce. MCX Gold August support lies at Rs. 50300 and resistance at Rs. 50900 per 10 gram.

Gold prices have clearly ignored the headline of banning Russian gold exports by the G7 countries, and shifted its focus to more fundamental factors like the Dollar Index . A move by Britain, the United States, Japan and Canada to ban new imports of Russian gold is being seen as largely symbolic within the global bullion market, as Russian exports to the West have already dried up. A well poised treasury market and a stable dollar index has sapped any potential upward move in gold prices. The release of the upbeat Durable Goods Orders has further supported the DXY. The overall demand structure in the US economy looks inflation resistant. Focus will now be on Fed chair’s speech due tomorrow, which will give some insight into the likely monetary policy action in July. Expect gold to trade sideways till such a time.

Gold yesterday saw decline from $1840 to $1822 after G7 proposed to ban import of gold from Russia.  Russia is the world’s second-largest gold producer, representing 9.5% of the global supply. US pending home sales also surprised upside on May reeling gold prices low yesterday. Market participants are waiting for key reports this week namely US GDP on Wednesday and PCE on Thursday.  Our technical studies indicate that major resistance is currently at $1878 which corresponds to the highest value of gold achieved on June 13. Strong support for gold occurs at $1805 and below that next support emerges at $1786.20. In MCX, gold will have support from the weak rupee as it is trading at a fresh all-time low. Month end dollar bids from importers have pushed INR to all time low boosting gold prices in MCX.  We continue to advocate buy on dips near its support around 50200 with stoploss of 49850 and upside expected target of 51200.