Jun 25, 2023
Gold Price Today, 3 Feb: Gold may be volatile, prices hit by profit-taking; traders eye US jobs data
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading higher on Friday as a result of positive global cues, while the silver rate is down 0.34%. On Multi Commodity Exchange, gold April futures were trading at Rs 57,820 per 10 grams, up Rs 125 or 0.22%. Silver March futures were trading lower by Rs 238 at Rs 69,966 per kg on MCX. Globally, the yellow metal prices steadied after a sharp correction as investors digested comments from central banks regarding continued rate-hikes, according to Reuters. Spot gold rose 0.2% to $1,915.89 per ounce, after shedding 2% on Thursday dragged by a stronger dollar and profit-taking. The bullion was down 0.6% so far for the week. U.S. gold futures were little changed at $1,915.20.
Bullion prices lost ground: Prathamesh Mallya, Angel One
After what seemed like a comeback session the other day, bullion prices lost ground, with prices cracking over 2 percent as the market factored in Jerome Powell’s most recent remarks. After a 2% decline in the previous session, gold prices are on track for their largest weekly decline since November.
Further volatility in gold market: Manav Modi, MOFSL
Gold prices after hovering above the nine month high on Comex and all time highs on the domestic front, inched lower in yesterday’s session heading for its biggest weekly fall since November. The Fed on Wednesday scaled back to a quarter percentage point rate increase after a year of larger hikes. Powell warned of further monetary policy tightening but also noted the progress on disinflation, which he said is in its early stages. BOE and ECB also announced a rate hike by 50 bps in their policy meeting yesterday. Fed’s policy meeting and announcement in the Union Budget regarding the change in duty structure supported the metal prices. Dollar index however, rebounded from the levels of below 101. Data showed the number of Americans filing new claims for unemployment benefits dropped to a nine-month low last week as the labour market remained resilient despite higher borrowing costs. Today we could see further volatility in the market, as focus will be on US, non-farm payroll, unemployment rate data scheduled. Broader trend on COMEX could be in the range of $1890-1930 and on domestic front prices could hover in the range of Rs 57,400-58,200.
Gold and silver to remain volatile: Rahul Kalantri, Mehta Equities
Gold and silver ended lower on Thursday amid profit taking by the shorter-term futures traders after gold hit a new high in the domestic market and silver reached a four-week high overnight. A rebound in the U.S. dollar index after its pounding on Wednesday also acted as a bearish element for the precious metals.
We expect gold and silver to remain volatile in today’s session. Gold has support at $1902-1888 while resistance is at $1928-1940. Silver has support at $23.20-23.00, while resistance is at $23.68-23.85. In INR terms gold has support at Rs 57,520-57,360, while resistance is at Rs 57,970, 58,150. Silver has support at Rs 69,450-68,620, while resistance is at Rs 70,850–71,280.
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