Gold Price Forecast: Gold and silver prices traded higher in the first half of yesterday’s session amidst President Putin’s partial mobilization announcement although investors were cautious ahead of the Fed policy meeting which was scheduled later in the evening.
Putin said he had signed a decree on partial mobilisation beginning on Wednesday, saying he was defending Russian territories and that the West wanted to destroy the country. Any escalation in this could further support safe haven assets. Gold price fell once again after testing the level of $1680 as the Fed for the third time this year raised its target interest rate by 75bps and signalled more increases. Dollar index rose by more than 1%, marking the level of 111.70, U.S. 2Yr Yield ramp to higher level since 2007 and U.S. 10Yr Yield is hovering near the highs of 2011. Broader trend on COMEX could be in the range of $1620-1690 and on domestic front prices could hover in the range of Rs 49,000- 50,300
Gold prices traded lower on Thursday with COMEX Spot gold prices were trading 0.87% down near $1660 in the morning trade. MCX Gold October futures opened lower near Rs. 49330 per 10 gram following weak global cues. Gold prices decline post US FOMC rate decision and stronger dollar. The US FED hiked key interest rates by 75 bps, in line with market expectations. However, the more hawkish comments from Fed chair pushed dollar index higher denting demand for gold. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1640 and resistance at $1676 per ounce. MCX Gold October support lies at Rs. 48800 and resistance at Rs. 50500 per 10 gram.
COMEX gold trades modestly lower near $1658/oz weighed down by firmness in the US dollar post Fed decision. The US dollar index jumped to a fresh 2002 high as the US central bank projected the possibility of another 0.75% hike this year and no cut in interest rate until 2024. The US dollar is also supported by safe haven buying and no major change in monetary policy stance of other central banks. The persistent strength in the US dollar may continue to weigh on gold however Fed’s move was well expected so market reaction may subside.
US interest rate hike and hawkish message from the Federal Reserve boosted the dollar and weighed heavily on metal markets. Dollar index made a high of 111.445(+1.107) Metal Prices witnessed some selling pressure pre and post FED decision. Gold has support at $1645, while resistance is placed at $1700. Spot Silver has support at $18.35, while resistance is at $20.20. In rupee terms gold at MCX has support at Rs 48800 while resistance is at Rs 50,500. Silver has support at Rs 55100, while resistance is at Rs 58,300—59,700.
यूएस यील्ड बढ़ने से सोना 1,670 डॉलर से नीचे गिरा — गुरुवार को यूरोपीय कारोबारी घंटों के दौरान सोने ने अपनी तेजी खो दी और 1,670 डॉलर से नीचे आ गया। बेंचमार्क 10-वर्षीय यूएस ट्रेजरी बॉन्ड यील्ड 3.55% से ऊपर के दिन लगभग 1% ऊपर है, जिससे XAU/USD बैकफुट पर बना हुआ है।