Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices jumped over 1 per cent in India on Thursday, on the back of positive global trends. On Multi Commodity Exchange, gold June futures were ruling 1.12 per cent or Rs 567 higher at Rs 51,320, as against the previous close of Rs 50,610 per 10 gram.
Silver July futures were trading at Rs 64,211 per kg, up Rs 1,450 or 2.7 per cent. In the global markets, spot gold was up 1.1 per cent at $1,902 per ounce, after rising to its highest since April 29 earlier in the session. US gold futures gained 1.8 per cent to $1,902, according to Reuters.
Gold and Silver jumped as Federal Reserve Chair Jerome Powell ruled out a 75-basis-point rate hike at upcoming meetings, contradicting market expectations for June. Gold is currently retesting the levels of $1900 and if we see poor economic data going forward, then it may move above $1938. The rally in gold was in response to Fed’s more accommodative comments. Now that we have seen a nearly $30 rally in gold, if gold manages to sustain above $1900, then we can see more upside till $1930. In MCX, we can find resistance around 51800 while solid support is at 50500.
We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1890 and resistance at $1921 per ounce. MCX Gold June support lies at Rs. 50500 and resistance at Rs. 51700 per 10 gram.
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