Gold price today, gold price outlook, gold price forecast: Gold rates traded higher on Tuesday, with silver rates up 0.12%. On the multi-commodity exchange, gold June futures traded at Rs 61,061 per 10 grams, up Rs 134 or 0.22%. May Silver futures were trading as high as INR 95 at INR 77,174 per kg on MCX.
Globally, yellow metal prices moved in a narrow range ahead of US inflation data on Tuesday, according to Reuters.As of 0520 GMT, spot gold was up 0.3% to $2,027.08 an ounce. The price is trading in a narrow range around $8. US gold futures remained unchanged at $2,033.90.
Gold price trading higher
“After finishing the previous week high, gold prices continued their momentum next week, with the metal gaining 0.24% to end at $2021.4 an ounce. After regaining some ground ahead of this week’s inflation data that could provide an indication of the outlook for US interest rates.
“U.S. job creation accelerated in April, showing continued resilience in the labor market, according to last Friday’s payroll data. We see gold trading higher towards the 61,410 level If it breaks, the price could rise to the 61,810 level.
Gold price fluctuates within a narrow range
“Gold rates rose on Comex physical gold, up 0.12% at $2,023 per ounce in morning trading. In the previous session, gold prices rose about 0.22%, while silver prices rose amid a weaker dollar. and eased some of Friday’s losses as traders undid bets that the Fed would cut rates later this year, but investors looking for US macro data capped the upside even further. Investor focus will be on Wednesday’s release of the US CPI for April, which may give a clearer indication of whether the Fed’s rate hikes are keeping inflation in check.
“Until the U.S. Consumer Price Index is released, we expect gold and silver prices to move within a narrow range. Comex physical gold trades between $2005 and $2035 per ounce Comex Spot Gold has support at $2005/$1995/oz with resistance at $2035/$2050/oz Saumir Gandhi, Senior Analyst (Commodities) at HDFC Securities said: