Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX gold prices slipped on Wednesday, while silver rates tumbled 0.80%. On the Multi Commodity Exchange, gold October futures were trading at Rs 58,818 per 10 grams, down Rs 120, or 0.20%. Silver December futures were trading down Rs 572 at 71,205 per kg on the MCX.
Gold prices traded near their weakest levels in more than a month on Wednesday, beaten down by an assurgent US dollar as markets made adjustments to a rising interest rate scenario, according to Reuters. Spot gold was subdued at $1,899.98 per ounce, after breaching a key $1,900 threshold and hitting its lowest level since August 23 on Tuesday. US gold futures eased 0.1% to $1,918.20.
Yellow Metal to remain volatile
Gold and silver are expected to remain volatile during today’s trading session. Commenting on the price movement, Rahul Kalantri, VP Commodities at Mehta Equities, said, “We expect gold and silver to remain volatile in today’s session. Gold has support at $1890-1879 while resistance is at $1917-1928. Silver has support at $22.65-22.52, while resistance is at $23.00-23.15 In INR terms gold has support at Rs 58,250 – 58,080. while resistance is at Rs 58,580 – 58,750. Silver has support at Rs 71,100 – 70,550, while resistance is at Rs 72,240 – 72,750.”
Traders eye US Core durables goods orders data
“Gold prices traded near their weakest levels in more than a month, beaten down by an assurgent US dollar as markets made adjustments to a rising interest rate scenario. US 10Y yields remains firm at the 16 year highs, the Dollar index is also hovering around the 10 month high, weighing on the safe haven assets. The US Senate took a step forward on a bipartisan bill meant to stop the government from shutting down in just five days, while the House sought to push ahead with a conflicting measure backed only by Republicans,” said Manav Modi, Analyst- Commodity and currency, Motilal Oswal Financial Services.
“China’s gold imports via Hong Kong rebounded in August from the previous month, data showed on Tuesday, with the issuance of fresh quotas to local banks likely to boost shipments into the world’s top gold consumer. Focus today will remain on the US Core durables goods orders data,” Manav Modi added.