Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading weak on Tuesday, as globally yellow metal hovered near a four-week low. On Multi Commodity Exchange, gold August futures were ruling Rs 122 or 0.24 per cent down at Rs 50,542 per 10 gram, as against the previous close of Rs 50,664 per 10 gram. Silver July futures were ruling at Rs 60,122 per kg, down Rs 189 or 0.3 per cent on MCX. Internationally, yellow metal was weak as a strong dollar countered safe-haven demand fuelled by economic slowdown fears amid prospects of aggressive monetary policy tightening, according to Reuters. Spot gold was up 0.3% at $1,823.69 per ounce, after falling to its lowest since May 19 at $1,810.90 earlier in the session. U.S. gold futures fell 0.4% to $1,825.20.
Bhavik Patel, Commodity/Currency analyst, Tradebulls Securities
Tapan Patel, Senior Analyst — Commodities, HDFC Securities
Gold prices traded firm on Tuesday with spot gold prices at COMEX were trading 0.43% up near $1827 per ounce in the morning trade. MCX Gold August futures opened lower near Rs. 50537 following weak global cues Gold prices halted decline as dollar index fell back below 105 after rallying sharply in previous trading. The surge in US bond yields may keep upside limited which are trading near 3.37%. The expectations of a larger than expected rate hike from FED led to selling in precious metals along with riskier assets on a dollar rally. 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 Aug support lies at Rs. 50200 and resistance at Rs. 50800 per 10 gram.
Rahul Kalantri, VP Commodities, Mehta Equities
The U.S. Treasury yields rose, adding more pressure to assets like gold. Two-year Treasury yields advanced to a 15-year high, touching 3.25%, while 10-year yields climbed to 3.3% —the highest since 2011. The 2-year and the 10-year even briefly inverted on Monday, which is known as curve inversion and is often viewed as a precursor to economic recession. Gold has support at $1812-1800, while resistance is at $1834-1844. Silver has support at $20.84-20.55, while resistance is at $21.42-21.65. In INR terms gold has support at Rs 50,440–50,210, while resistance is at Rs 50,980–51,250. Silver has support at Rs 59,720-59,350, while resistance is at Rs 60,780–61,110.
(The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)
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