Gold Price Today, 23 June 2022 falls as US Fed chair Powell committed to fight inflation; support at Rs 50600



Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading lower on Thursday, on the back of weak global cues after US Fed chair Powell reaffirmed inflation fight. On Multi Commodity Exchange, gold August futures were trading Rs 134 or 0.3 per cent up at Rs 50,770 per 10 gram. Silver July futures were ruling at Rs 60,178 per kg, down Rs 470 or 0.8 per cent on MCX, Globally, yellow metal prices were a touch lower on with some support from a weaker dollar and U.S. Treasury yields, after the Federal Reserve’s head said the central bank was fully committed to reining in inflation, and would try not to spark a recession in the process, according to Reuters. Spot gold was down 0.1% at $1,835.88 per ounce while U.S. gold futures also inched 0.1% lower to $1,837.30.

Tapan Patel, Senior Analyst — Commodities, HDFC Securities

Gold prices traded steady on Thursday with COMEX Spot gold prices were trading near $1835 per ounce in the morning trade. MCX Gold August futures opened weak near Rs. 50795 per 10 gram pressured by stronger rupee.  yellow metal has kept range bound trading below $1840 over aggressive FED rate hike expectations and recession fears. Gold prices got some respite with dollar decline and weaker equity indices. Prices are expected to trade in current range with lack of fresh triggers. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1820 and resistance at $1850 per ounce. MCX Gold August support lies at Rs. 50600 and resistance at Rs. 51300 per 10 gram.

Jigar Trivedi, Manager — Non-Agro Fundamental Research, Anand Rathi Shares & Stock Brokers

Gold may decline although the dollar is trading with the weak undertone. Bullion has been trading in a narrow range for most of this month as traders grapple with monetary policy tightening by central banks keen to contain price pressures, and the impact of those actions on global growth. Powell is due to testify again in Washington D.C. later today. MCX Gold Aug may fall to Rs. 50650 per 10 gram

Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities

Sentiment for gold remains neutral as both bulls and bears are playing tug of war. Bulls are playing inflation and safe haven cards while bears are playing rising rates cards. With the FOMC meeting out of the way for this month, traders are awaiting the most recent inflationary data. The US Dollar retracted after the Fed Chairman stated that “the American economy is very strong and is well-positioned to handle tighter monetary policy”.  Likelihood of recession is not particularly elevated right now which comforted bulls although gold prices remained range bound. Gold in MCX is expected to remain in range of 50200-51200 and expected to remain neutral till next inflationary data comes.

(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.)





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here