Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX Gold prices tumbled on Thursday, while silver rates fell 0.26%. On the Multi Commodity Exchange, gold October futures were trading at Rs 58,468 per 10 grams, down by Rs 213 or 0.36%. Silver September futures were trading down by Rs 180 at Rs 69,542 per kg on the MCX.
Gold prices touched five-month lows on Thursday, as the US dollar and Treasury yields gained momentum after recent upbeat economic data added weight to expectations the Federal Reserve would carry on with its policy tightening, according to Reuters. Spot gold was subdued at $1,891.70 per ounce, dropping to its weakest level since March 15. US gold futures shed 0.3% to $1,921.80.
“We expect gold and silver to remain volatile in today’s session. Gold has support at $1880-1866 while resistance is at $1905-1914. Silver has support at $22.24-22.10, while resistance is at $22.55 – 22.71. In INR terms gold has support at Rs 58,370, 58,210, while resistance is at Rs 59,010 – 59,210. Silver has support at Rs 69,110 – 68,420, while resistance is at Rs 70,040 – 70,540,” Rahul Kalantri added.