Gold Rate Today, Gold Price in India on 15 September 2023: MCX gold prices ascended on Friday. On the Multi Commodity Exchange, gold October futures were trading at Rs 58,703 per 10 grams, up by Rs 115, or 0.20%.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX gold prices ascended on Fridays, while silver rates also witnessed a surge of 0.95%. On the Multi Commodity Exchange, gold October futures were trading at Rs 58,703 per 10 grams, up by Rs 115, or 0.20%. Silver December futures were trading up by Rs 674 at Rs 71656 per kg on the MCX.
“The yellow metal is poised for a weekly decline as the dollar index rose towards a fresh six-month high of 105.4 levels, after better than expected US economic data and ECB policy meeting. ECB raised rates for the 10th consecutive time and indicated the end of rate hikes. Meanwhile, data showed that US producer prices rose the most in a year, weekly jobless claims fell more than expected and retail sales topped forecasts despite high prices and borrowing costs, raising upside risks to inflation. We expect gold prices to remain subdued in the near term despite yesterday’s unexpected recovery,” said Ravindra Rao, CMT, EPAT, VP – Head Commodity Research, Kotak Securities.
US industrial production, NY Fed manufacturing index eyed
Commenting on the global factors that may influence the price of the yellow metal, Manav Modi, Analyst- Commodity and currency, Motilal Oswal Financial Services, said that, “On the data front, US producer prices increased by the most in more than a year in August while retail sales also beat expectations, boosted by a surge in gasoline prices. This comes after US consumer prices increased by the most in 14 months last month. The European Central Bank raised its key interest rate to a record high of 4% on Thursday but signaled that the hike was likely to be its last, quickly supporting gains in the dollar index.
“The probability for a pause in the September Fed meeting is more than 95%, and more than 60% in the November meeting, according to the CME Fed-Watch tool. Focus today will be on US industrial production, the NY Fed manufacturing index, and Michigan consumer sentiment,” Manav Modi added.
Gold to remain volatile
Commenting on the gold price movement in the market Rahul Kalantri, VP of Commodities, Mehta Equities, said, “Hotter than expected US data fuelled the US dollar index. The dollar index hit fresh 10-month highs and crossed 105 marks. Strength in the dollar index sends gold and silver to one-month lows but RRR cuts by China supported gold and silver prices at lower levels.”
“We expect gold and silver to remain volatile in today’s session. Gold has support at $1900-1888 while resistance is at $1924-1934. Silver has support at $22.60-22.42, while resistance is at $22.98-23.15. In INR terms gold has support at Rs 58,440 – 58,240, while resistance is at Rs 58,820 – 59,170. Silver has support at Rs 70,310 – 69,750, while resistance is at Rs 71,740 – 72,250,” Rahul Kalantri added.
Source:financialexpress.com