Jul 24, 2023
Gold Price Today, 14 Feb: Gold higher despite selling pressure; traders eye US inflation data for further cues
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading higher on Monday as a result of positive global cues, while the silver rate is up 0.42%. On Multi Commodity Exchange, gold April futures were trading at Rs 56,644 per 10 grams, up Rs 147 or 0.26%. Silver March futures were trading higher by Rs 281 at Rs 66,425 per kg on MCX. Globally, the yellow metal fell on Monday, preceding the US inflation data which would guide the US Federal Reserve’s monetary policy strategy, according to Reuters. Spot gold fell 0.5% to $1,854.79 per ounce, while U.S. gold futures settled 0.6% lower at $1,863.50.
Gold to remain volatile: Rahul Kalantri, Mehta Equities
Gold and silver prices traded lower on Monday, with silver hitting a 2.5-month low and gold a five-week bottom. The near-term chart postures for both metals have deteriorated recently, and hence the bullions are witnessing some technical selling pressure. Also, liquidation in the gold and silver futures markets featured yesterday, ahead of a key U.S. inflation report. The dollar index and the U.S. 10-year bond yields were steady on Monday ahead of the U.S. inflation reports.
Gold likely to trade with negative bias: ICICIdirect report
Gold prices traded on a weaker note on Monday as markets expected interest rates to remain above 5% for longer. Further hawkish comments from the Fed Governor Bowman to keep rates at higher levels has diminished bullish bets on the precious metals. Now the focus shifts towards the key US CPI data, which is expected to moderate to 6.2% against previous reading of 6.5%. Gold prices are trading near four week lows at 56380. A move below this level would weaken the price towards 56,000, followed by 55,800. MCX silver has been trading below the key support of 50 day EMA at 67,200. Hence, as long as it trades under this level it is likely to slide towards the next support of 65,200.
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