Gold Rate Today, Gold Price in India on 24 April: Gold and silver prices settled lower on Friday as hawkish remarks by U.S. Federal Reserve officials during the week bolstered expectations of at least one more interest rate hike.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading in the negative on Thursday, while the silver rate is down 0.53%. On Multi Commodity Exchange, gold June futures were trading at Rs 59,785 per 10 grams, down Rs 60 or 0.10%. Silver May futures were trading lower by Rs 396 at Rs 74,258 per kg on MCX. Globally, the yellow metal edged lower on Monday for a second consecutive session, as investor focus shifted to central bank meetings for clarity on their rate-hike strategies that may shed light on whether progress has been made in taming inflation. Spot gold was down 0.1% at $1,980.59 per ounce, as of 0405 GMT. U.S. gold futures were flat at $1,991.10.
Gold traded under the $2000 mark
“Gold and silver prices settled lower on Friday as hawkish remarks by U.S. Federal Reserve officials during the week bolstered expectations of at least one more interest rate hike. Significant volatility in the U.S. dollar and Treasury yields markets also took a toll on precious metals. The gold market has been unable to hold support around $2,000 an ounce, with stronger-than-expected manufacturing and service sector data adding to the current selling pressure.
“Gold has support at $1970-1958 while resistance is at $1996-2010. Silver has support at $24.80-24.58, while resistance is at $25.20-25.32. In INR terms gold has support at Rs 59,640-59,450, while resistance is at Rs 60,020, 60,290. Silver has support at Rs74,120-73,610, while resistance is at Rs 75,350–75,810,” said Rahul Kalantri, VP Commodities, Mehta Equities.
Gold steady as dollar pulls back
“Gold was steady in the early morning trade as the dollar pulled back, although bullion’s appeal was limited after U.S. business activity data last week backed expectations of a 25 bps interest rate hike by the Federal Reserve at its May meeting. Dollar index and US Yields are trading steady around 101.80 and 3.5% respectively, after gaining some momentum last week. U.S. and eurozone business activity gathered pace in April, despite central bankers signaling they are nearing the peak of their interest rate-hiking cycles.
“Fed officials statements continue to trigger volatility in the market. Federal Reserve Governor Lisa Cook said on Friday the outlook for the next stage of central bank monetary policy has grown less clear after the institution has taken appropriately aggressive steps over the last year to lower price pressures. Elevated domestic prices kept physical gold demand muted across Asian hubs last week, forcing dealers in India to offer discounts for a sixth straight week, with the Akshaya Tritiya festival also failing to offer much respite. Broader trend on COMEX could be in the range of $1965-1995 and on domestic front prices could hover in the range of Rs 59,500-60,300,” said Manav Modi, MOFSL.
Source:financialexpress.com