Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading flat 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 56,163 per 10 grams, down Rs 50 or 0.09%. Silver March futures were trading lower by Rs 183 at Rs 65,566 per kg on MCX.
Globally, the yellow metal prices were flat on Tuesday as investors refrained from taking big positions ahead of U.S. economic data that could influence the Federal Reserve’s rate-hike strategy, according to Reuters. Spot gold was up 0.1% at $1,842.37 per ounce, trading in a $4 range. U.S. gold futures firmed 0.1% to $1,852.10.
Gold could see some volatility in trade today as US markets were closed on Monday
“Gold price inched higher, as dollar eased off a six-week high, while traders waited for more economic data to gauge the U.S. Federal Reserve’s rate-hike strategy. Market participants are also focusing on the Fed officials’ comments scheduled this week as well, as overheated U.S. inflation and strength in the jobs market adds more fire to the debate regarding pace of interest rate hikes. Slight fall in dollar led to a short covering move in most of the metals giving some relief to the market, however rising U.S. yields are capping gains on the higher side.
Petrol and Diesel Rate Today, 21 February: Fuel prices steady; Check rates in Delhi, Mumbai, other cities
Petrol and Diesel Rate Today, 20 February: Fuel prices steady; Check rates in Delhi, Mumbai, other cities
Gold Price Today, 20 Feb: Gold softens, dollar gains; positive US economic data raises fears of rate hikes
“Yesterday, U.S. markets were shut because of Washington’s Birthday, hence today we could see some volatility. Investors are now awaiting minutes of the Fed’s latest policy meeting due to be released on Wednesday. Market participants now expect the U.S. central bank to raise benchmark rates above 5% by May, with a peak in rates seen at 5.3% in July. Along with that, focus is also in the U.S. Core PCE data this week. Broader trend on COMEX could be in the range of $1820-1860 and on domestic front prices could hover in the range of Rs 55,820-56,500,” said Manav Modi, MOFSL.
Rising geopolitical tensions could provide critical support for gold
“Gold and silver traded in a tight range on Monday after last week’s fall. The U.S. markets were closed on Monday and the dollar index also traded in a range. Market is waiting for more clues from the U.S. Fed. This week’s speech of the U.S. Fed officials could give more clarity on the U.S. Fed rate hikes in its next month’s policy meetings. Rising geopolitical tensions could provide critical support for gold and eventually push bullion prices higher.
“We expect gold and silver to remain volatile in today’s session. Gold has support at $1828-1819 while resistance is at $1852-1864. Silver has support at $21.55-21.35, while resistance is at $21.98-22.15. In INR terms gold has support at Rs 55,980-55,810, while resistance is at Rs 56,520, 56,700. Silver has support at Rs 65,150-64,520, while resistance is at Rs 66,190–66,580,” said Rahul Kalantri, Mehta Equities.