Gold Rate Today, Gold Price in India on 27 April: Gold traded in a tight range as market participants were cautious ahead of data from the Federal Reserve’s preferred inflation gauge.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading in the positive on Thursday, while the silver rate is up 0.77%. On Multi Commodity Exchange, gold June futures were trading at Rs 60,102 per 10 grams, up Rs 209 or 0.35%. Silver May futures were trading higher by Rs 580 at Rs 75,565 per kg on MCX.
Globally, the yellow metal rose on Thursday on a softer dollar, while investors braced for a host of U.S. economic data ahead of a crucial Federal Reserve’s policy meeting next week. Spot gold rose 0.4% to $1,996.50 per ounce by 0230 GMT, while U.S. gold futures climbed 0.5% to $2,005.20.
Gold prices in a tight range
“Gold prices traded in a tight range as market participants were cautious ahead of the U.S. economic growth and the Federal Reserve’s preferred inflation gauge. Bullions were supported at lower levels in yesterday’s session amidst weaker than expected US economic data and updates regarding first republic bank. New orders for key U.S.-manufactured capital goods fell more than expected in March, while shipments declined, suggesting that business spending on equipment was likely a drag on economic growth in Q1. Meanwhile, First Republic Bank’s market value plunged again on Wednesday as investors waited to see if it would be able to find buyers for assets and engineer a turnaround without government support.
“Focus is now on U.S. first quarter GDP data due later in the day, which is expected to show that growth cooled after a stronger-than-expected fourth quarter; and also on US inflation data. The data comes ahead of a Fed meeting next week, where the central bank is widely expected to hike interest rates by 25 basis points. Broader trend on COMEX could be in the range of $1985-2015 and on domestic front prices could hover in the range of Rs 59,800-60,400,” said Manav Modi, MOFSL.
Gold ends lower on Wednesday
“Gold and silver ended slightly lower on Wednesday as U.S. bond yields recovered with the focus shifting to upcoming economic data and fresh worries surrounding the U.S. banking turmoil. The U.S. consumer durable goods and core durable goods orders data released on Wednesday was also better than expected and increased the possibility of Fed rate hikes which capped gains of precious metals. However, traders are now focussed on U.S. quarterly gross domestic product data due later today, followed by the core personal consumption expenditures index on Friday, the Fed’s preferred inflation gauge.
“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 59,740-59,550, while resistance is at Rs 60,320, 60,510. Silver has support at Rs73,480-73,050, while resistance is at Rs74,650–75,030,” said Rahul Kalantri, VP Commodities, Mehta Equities.
Source:financialexpress.com