Gold price

Gold Prices Today: Yellow metal to remain volatile as US Fed sticks to aggressive stance

Sep 30, 2022

Gold market is holding support above $1,850 an ounce, but disappointing manufacturing data is not providing any new bullish momentum for the precious metal as prices remain in negative territory early in the session, said Rahul Kalantri, VP Commodities, Mehta Equities.

May 26, 2022 / 09:57 AM IST

Gold, Gold Prices

Gold, Gold Prices

Gold prices were flat on Thursday in international markets restrained by rising Treasury yields after the metal's appeal was somewhat restored by minutes from a US Federal Reserve policy meet that showed the central bank was likely to stay the course on interest rate hikes. Spot gold held its ground at $1,852.27 per ounce, as of 0057 GMT. US gold futures gained 0.3 percent to $1,852.30.

At 9:36am, gold contracts were marginally down 0.01 percent at Rs 50,816 for 10 gram on the Multi-Commodity Exchange (MCX) while silver shed 0.06 percent at Rs 61,495 a kilogram.

Gold prices traded steady on Thursday with spot gold prices at Comex trading near $1851 per ounce in morning trade. The yellow metal traded under pressure on strong bond yields and recovery in dollar index as Fed stuck to its aggressive stance on rate hike in upcoming June and July meetings. "We expect gold prices to trade sideways to up for the day with Comex spot gold support at $1830 and resistance at $1870 per ounce. MCX Gold June support lies at Rs 50500 and resistance at Rs 51200 per 10 gram," said Tapan Patel, senior analyst (commodities), HDFC Securities.

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Rahul Kalantri, VP Commodities, Mehta Equities

On Wednesday, gold and silver prices dropped after a five-session positive close, weighed down by a rebound in the dollar after minutes from the Federal Reserve's May meeting showed that most participants believed half-percentage-point rate increases would likely be appropriate in June and July. The gold market is holding support above $1,850 an ounce, but disappointing manufacturing data is not providing any new bullish momentum for the precious metal as prices remain in negative territory early in the session.

We expect gold and silver to remain volatile in today’s session. Gold has support at $1834-1822 while resistance at $1862-1874. Silver has support at $21.55-21.40 and resistance at $22.10-22.38. In rupee terms, gold has support at Rs 50,740–50,510 and resistance at Rs 51,140–51,350. Silver has support at Rs 60,980-60,650 and resistance at Rs 61,680–62,110.

Ravi Singh - Vice President and Head of Research - ShareIndia

Gold prices are witnessing profit booking ahead of the release of the meeting minutes later today. Weaker treasury yields and dollar had given some strength to gold prices. Also, continuous selling pressure in equity market has increased the demand for the safe haven asset.

Buy zone above Rs 51000 for target of Rs 51300

Sell zone below Rs 50700 for target of Rs 50500

Amit Khare, AVP- Research Commodities, Ganganagar Commodity

Gold and silver showed negative movement on May 25. On the MCX, June gold contracts closed down by 0.66 percent at Rs 50,819 for 10 grams. July contract silver futures closed at Rs 61,534 a kilogram, down 0.71 percent. As per technical chart, gold and silver are making bottom -- we can see a good upside movement in the coming future. Momentum indicator RSI is also indicating the same on the hourly as well as daily chart.

Traders are advised to create fresh buy positions near given support levels and should focus on important technical levels.

June Gold closing price Rs 50819, Support 1 - Rs 50700, Support 2 - Rs 50500, Resistance 1 - Rs 51000, Resistance 2 - Rs 51260.

July Silver closing price Rs 61534, Support 1 - Rs 61300, Support 2 - Rs 60800, Resistance 1 - Rs 61800, Resistance 2 - Rs 62500.

Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​


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