Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX gold prices slipped on Wednesday, while silver rates plunged 0.76%. On the Multi Commodity Exchange, gold October futures were trading at Rs 58551 per 10 grams, down by Rs 75, or 0.13%. Silver December futures were trading down by Rs 544 at Rs 71390 per kg on the MCX.
“COMEX Gold prices fell to the lowest in more than two weeks, as investors remain wary ahead of US inflation data, which might provide further cues on the Fed policy outlook. Bloomberg forecasts US headline inflation to rebound to 3.6% y/y in August, while core to ease towards 4.3%. Such an outcome might add to the speculation that the Fed will reinforce the hawkish rhetoric next week, especially when the US economic growth is better than expected, though markets are expecting a pause in rate hikes. Any upside surprise might be detrimental for bullions,” said Ravindra Rao, CMT, EPAT, VP – Head Commodity Research, Kotak Securities.
“The European Central Bank expects inflation in the 20-nation euro-zone to remain above 3% next year, bolstering the case for a tenth consecutive interest rate increase on Thursday. Along with US Inflation, focus today will also be on the UK GDP data,” Manav Modi added.
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 that, “Metals traders are anxiously awaiting the US inflation report scheduled for this evening. We expect gold and silver to remain volatile in today’s session ahead of the US inflation data and ECB monetary policy meetings.Gold has support at $1900-1888 while resistance is at $1924-1936.”
“Silver has support at $22.72-22.58, while resistance is at $23.22-23.40 In INR terms gold has support at Rs 58,480 – 58,240, while resistance is at Rs 58,920 – 59,170. Silver has support at Rs 71,350 – 70,650, while resistance is at Rs 72,540 – 72,950.” Rahul Kalantri added.