Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold costs in India fell on Tuesday, as international charges hovered close to a 2-week low. MCX gold was down by Rs 197 factors or 0.4 per cent to Rs 52,064 per 10 grams. Silver June futures had been ruling at Rs 65,717 per kg, down Rs 829 or 1.25 per cent. Globally, yellow metallic costs edged decrease close to their lowest stage in two weeks touched within the earlier session as an elevated U.S. greenback continued to stress demand for greenback-priced bullion, in keeping with Reuters. Spot gold was down 0.1% at $1,928.08 per ounce, whereas U.S. gold futures had been down 0.2% at $1,930.10.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities
COMEX gold trades about 0.5% decrease close to $1925/oz weighed down by firmness in US greenback amid Fed’s hawkish stance and a few revenue taking by ETF buyers. However, supporting costs are issues in regards to the well being of the Chinese economic system, growing Russia-Ukraine tensions and inflation issues. Gold has corrected after failing to maintain close to $2000/oz stage and should stay pressurized until we see some stability throughout commodities.
Pritam Patnaik, Head – Commodities, HNI and, NRI Acquisitions, Axis Securities
With the worldwide central banks transferring in direction of the next rate of interest setting, led by the US Fed, it’s not stunning to see the stress on Gold costs. The Fed chair has made it amply clear that 0.50% price hike in May isn’t any extra of an expectation, however extra of a certainty. The gold merchants are nervous that cussed inflation might drive the Fed’s hand for extra aggressive hike, put up the 50 foundation level hike in May. With the greenback index making a brand new excessive at 101.29 and the bonds yields rallying, it’s not stunning to see the shortage of curiosity in a non-interest bearing asset like gold. Technically gold has a robust help round $1920 ranges, if breached, we might witness further stress on costs.
Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services
Gold fell by round 2% and as indicators of quicker coverage tightening by Fed lifted Treasury yields and the greenback. U.S. yields had been seen hovering across the 2.9 ranges final week, whereas the greenback is quoting round 101 mark weighing on the metallic costs. Liquidation witnessed on the finish of the week got here after a troublesome price hike dialogue, began early within the week by numerous Fed officers, together with James Bullard and Evans, and likewise the identical was echoed towards the top of the week by Chairman Jerome Powell himself. With expectations for a 50bps price hike on the Federal Reserve’s May assembly of State and Defence Secretary for extra highly effective weapons throughout an anticipated go to by the officers to Kyiv because the Russian invasion enters its third month. Economic calendar is pretty mild for the day w.r.t. the U.S. Although, focus for the week will probably be on the U.S. GDP, client confidence and Core sturdy items orders information. Broader development on COMEX could possibly be within the vary of $1880- 1955 and on home entrance costs might hover within the vary of Rs 51,650- 52,500
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