Gold Price Today, Gold Price Outlook, Gold Price Forecast:

 Gold prices gained in India on Tuesday, as global rates rose above a near four-week low. On MCX, gold June futures were up by Rs 102 or 0.20 per cent to trade at Rs 51,495 per 10 gram. Silver July futures jumped Rs 333 or 0.5 per cent to trade at Rs 66,247 per kg on Multi Commodity Exchange. Globally, yellow metal rose above a near four-week low hit in the previous session, as lower U.S. Treasury yields lifted prices and a slight retreat in the dollar offered support, according to Reuters. Spot gold was up 0.2% at $1,902.31 per ounce, while U.S. gold futures were up 0.3% at $1,902.30.

Gold prices briefly went below $1900 while silver is trading below $24. Commodity prices witnessed selling pressure on concerns that aggressive rate U.S. hikes will boost the dollar while sending real yields higher as inflation is being brought under control. U.S. dollar index went to a new multi-year high above 101 points. The breach of psychological levels of $1900 and $24 opens the door to further losses as bearish sentiment rises in the marketplace. In MCX, support comes around 51000 and 50300. With little over a week remaining for the Fed to hike by 50bps and to begin quantitative tightening as we expect, demand for bullion from the investor community is likely to ease. Long term investors should not panic but in the short term, we still expect gold to trade lower.

Jigar Trivedi, Manager — Non-Agro Fundamental Research, Anand Rathi Shares & Stock Brokers 

Gold may rebound in today’s session after it has declined for five straight sessions, losing around Rs. 1,870 on the MCX. The dollar index is showing signs of weakness but the undertone is positive owing to a hawkish Fed stance. Meanwhile, investors remained cautious of geopolitical uncertainties and the risk of stagflation, which may drive safe-haven demand and support gold prices. MCX Silver June futures also have dropped by nearly Rs. 4,900 points in the last five sessions. So , there is every possibility of a bounce back in the bullion space. MCX Gold June futures may rebound to Rs. 51,600 per 10 gram & Silver May futures may appreciate to Rs. 66,100 per kg.

Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services

Gold steadied near four-week low hit in previous session, amidst the volatility in U.S. Yields and Dollar and as market participants continue to discount the aggressive interest rate trajectory from the Fed this year. Dollar continues to receive support as expectations that the Federal Reserve would adopt a 50-basis point hike at its May policy meeting next week, double the 25 bps, approved in March in the first pandemic-era U.S. rate increase. A succession of Fed speakers last week maintained a hawkish stance and also soothed some market worries regarding the negative impact of policy tightening on the economy. On the other hand, Russia told the world not to underestimate the considerable risks of nuclear war that it said it wanted to reduce and warned that conventional Western weapons were legitimate targets in Ukraine, where battles raged in the east. Market participants today will keep an eye on the important U.S. Consumer confidence and Core durables goods orders data. Focus for the week will also be on the U.S. GDP data. Broader trend on COMEX could be in the range of $1880- 1920 and on domestic front prices could hover in the range of Rs 51,150- 51,900.

Pritam Patnaik, Head –  Commodities, HNI and NRI Acquisitions, Axis Securities

Expectation of an imminent rate hike, prospect of additional aggressive hikes in the future , a rallying dollar index and rising bond yields, effectively knocked down gold prices below the $1900 levels, in yesterday’s trade. The precious metal bounced back marginally around the $1890 levels, which also happens to be an important technical level. A small correction in the dollar index and bond yields also facilitated the marginal recovery. The important question being is this the base for the prices or can we see further correction? 

The gold prices have effectively ignored the nuclear rhetoric being pushed by the Russian president. He has warned the western world of a considerable risk of a nuclear war, given the pressure being exerted on Russia, both economical and military. This could further add fuel to the fire, in an already volatile geopolitical setting. Given the current factors , gold prices will continue to trade with a negative bias , till the actual Fed rate hike event takes place. Till then adopting a sell on rise strategy will be the favoured option.