Gold Price Forecast Today, Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold and silver are both showing a rise in trading on Tuesday. On the Multi Commodity Exchange, gold June futures were trading at Rs 60,323 per 10 grams, an increase of Rs 143 or 0.24%. Meanwhile, silver May futures saw a surge of Rs 221 at Rs 75,027 per kg on MCX.
According to Reuters, the yellow metal () saw a global increase on Tuesday after two sessions of losses, as the dollar eased, and investors sought more clarity on the U.S. Federal Reserve’s monetary policy stance. Spot gold was up by 0.2% at $2,001.09 per ounce, as of 0457 GMT, while U.S. gold futures rose 0.2% to $2,011.10.
As of the previous day, gold and silver prices (चांदी की कीमत) had closed negatively, with both bullions trading around their respective support levels, i.e., $2000 and $25.00. Gold prices (सोने के कीमत) slipped below the critical $2,000 level, affected by a stronger dollar and higher Treasury yields. Investors are looking for cues on whether the market will see a “one and done” rate hike by the U.S. Federal Reserve in May. A stronger U.S. dollar and the rise in bond yields, along with some profit-taking from recent gains, are putting pressure on precious metals.
“We expect gold and silver prices to remain volatile in today’s session. Gold has support at $1,970 while resistance is at $2024. Silver has support at $24.85, while resistance is at $25.80 In INR terms gold has support at Rs 59,700, while resistance is at Rs 60,590. Silver has support at Rs 73,310, while resistance is at Rs 76,650.”
Gold Critical Level
Furthermore, gold inched lower, slipping below the critical $2,000 level, weighed down by a stronger dollar and higher Treasury yields, as investors looked for cues on whether the market would see a “one and done” rate hike by the U.S. Federal Reserve in May. The U.S. dollar gained more than 1%, from lows of around 100.80 to approximately the 102 mark, while benchmark Treasury yields climbed to a more than two week high.
There was increased pressure on safe-haven assets after data showed that manufacturing activity in New York state had increased for the first time in five months, which fueled bets of a 25 bps rate hike by the Fed at its May meeting. Additionally, comments from Fed officials suggested that the inflation target of 2% is still far away. The U.S. central bank has more work to do, and there has been an increased probability for further rate hikes in the next Fed meeting. According to the CME Fedwatch tool, the probability of a 25 bps rate hike in May has now increased to more than 80%.
Finally, profit booking was seen in silver as well, as it followed gold and fell by more than 1%. Focus today will be on economic sentiment data and U.S. housing numbers. The broader trend on COMEX could be in the range of $1975-2009, while on the domestic front, prices could hover in the range of Rs 59,500-60330.
