Gold Rate Today, Gold Price in India on 26 April: Prices were highly volatile and witnessed sideways movement intra-day before closing on a mixed note on Tuesday.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading in the negative on Wednesday, while the silver rate is up 0.10%. On Multi Commodity Exchange, gold June futures were trading at Rs 60,160 per 10 grams, up Rs 101 or 0.17%. Silver May futures were trading higher by Rs 71 at Rs 74,334 per kg on MCX.
Globally, the yellow metal moved in a tight range on Wednesday, with recessionary fears lending some support to the safe-haven asset, while investors sought more clarity on the Federal Reserve’s rate-hike trajectory from U.S. economic data due this week, according to Reuter. Spot gold held its ground at $1,997.40 per ounce by 0307 GMT. U.S. gold futures were up 0.2% at $2,008.60.
Gold steady around $2000 mark
“Gold prices held steady around the key $2,000 mark as investors maintained a cautious stance and sought more clarity on the Federal Reserve’s rate-hike trajectory from upcoming U.S. economic data. Dollar index held steady, benchmark 10-year Treasury yields fell by their largest amount since March, while short-term yields climbed as investors balanced rising concerns about the regional banking sector and the possibility of growth slowdown with worries about the U.S. debt ceiling.
“On the data front, U.S. consumer confidence dropped to a nine month low in April as worries about the future mounted, further heightening the risk of global growth slowdown. However, US new home sales data was reported better than expectations. There were also updates regarding First Republic Bank, which faces dwindling and tough options to turn around its business with the creation of a ‘bad bank’ or asset sales possibilities. Focus now shifts to US Core Durable goods orders data scheduled today and US GDP, Core PCE price index data later this week. Broader trend on COMEX could be in the range of $1970-2015 and on domestic front prices could hover in the range of Rs 59,750-60,400,” said Manav Modi, MOFSL.
Gold witnessing sideways movement
“Gold and silver prices were highly volatile and witnessed sideways movement intra-day before closing on a mixed note on Tuesday. Gold in morning trades saw some upside from bargain buying as U.S. Treasury yields have declined this week. However, a higher U.S. dollar index and lower crude oil prices today are negative influences on the metals markets.
“Softer-than-expected U.S. consumer confidence data also points to a slowing consumption this year, which is a damper on economic growth. Uncertainty over monetary policy and a stronger dollar had weighed on gold in recent weeks, as markets were split over when the Federal Reserve could halt its rate hike cycle. Gold has support at $1980-1965 while resistance is at $2005-2015. Silver has support at $24.80-24.58, while resistance is at $25.20-25.32. In INR terms gold has support at Rs 59,940-59,750, while resistance is at Rs 60,520-60,720. Silver has support at Rs 73,920-73,510, while resistance is at Rs 75,050–75,610,” said Rahul Kalantri, VP Commodities, Mehta Equities.
Source:financialexpress.com