Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX gold prices tumbled on Thursday, while silver rates plunged 1.14%. On the Multi Commodity Exchange, gold October futures were trading at Rs 58,478 per 10 grams, down by Rs 115, or 0.20%. Silver December futures were trading down by Rs 814 at Rs 70605 per kg on the MCX.
“COMEX Gold prices extended declines for the second day, after US inflation data came in hotter than expected, adding to the rate hike bets by the Federal Reserve. Today, market participants might be watching US Retail sales, PPI data and ECB policy meeting. Retail sales data might provide insights on the consumer spending which has been holding up recently,” Ravindra Rao, CMT, EPAT, VP – Head Commodity Research, Kotak Securities.
“The European Central Bank is set to decide today whether to raise its key interest rate to a record peak or take a break as the economy deteriorates. Focus today will also be on the US PPI, retail sales and weekly jobless claims data,” Manav Modi added
Yellow metal may rally upto Rs 59500
Gold prices have witnessed a correction during today’s trading session. Commenting on the drift in price, Chintan Mehta, CEO, Abans Holdings, said that, ”Participation in gold has been increasing, amid the current price decline. However, overall participation continues to hover at lower levels, which sets the stage for a rally in gold once participation increases. We believe gold has become a favourable investment opportunity, at current price levels. Currently we are looking at support levels at Rs 58,100 – 58,200 levels. However, a break below this support could open gold for a further downside. On the upside, gold may witness a rally up to Rs 59,500 levels.