Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX gold prices ascended on Monday, while silver rates rose 0.50%. On the Multi Commodity Exchange, gold October futures were trading at Rs 58,986 per 10 grams, up by Rs 88, or 0.15%. Silver December futures were trading up by Rs 356 at Rs 71919 per kg on the MCX.
Gold prices rose on Monday, supported by a retreat in the dollar as investors looked forward to US inflation data that could define the Federal Reserve’s moves on interest rates, according to Reuters. Spot gold gained 0.3% to $1,922.89 per ounce, having lost 1% in the previous week. US gold futures rose 0.2% to $1,946.30.
“Gold has support at $1907-1896 while resistance is at $1930-1940. Silver has support at $22.72-22.58, while resistance is at $23.22-23.40 In INR terms gold has support at Rs 58,780 – 58,620, while resistance is at Rs 59,220 – 59,410. Silver has support at Rs 71,050 – 70,450, while resistance is at Rs 72,140 – 72,850,” Rahul Kalantri added.
Traders eye US Consumer Price Index
The gold price saw a trend reversal from last week and ascended higher during early trade on the first trading day of the week.
“Gold prices inched higher today in the early morning trade, after reporting a weekly loss, supported by a retreat in the dollar and expectations regarding a pause in the next Fed meet. The Dollar index briefly was hovering above the 105 mark last week but failed to hold above the same supporting an up-move in bullions. While the US 10Y yields is not giving up its gains, trading around 4.3%. The US Consumer Price Index (CPI) for August is due on Wednesday and is expected to shape the Fed’s interest rate decisions this year,,” Manav Modi, Analyst- Commodity and currency, Motilal Oswal Financial Services.