Gold Expected May Small Correction to Rs 52,300 This Week

Gold Outlook and Forecast (XAU/USD) for this week is bullish but a strong dollar is a major headwind for the moment. Couple of important speeches will draw attention. On 19 April Fed’s Bullard will discuss the shape of the US economy and monetary policy. On 21 April Fed chair Jerome Powell and EBC head Lagarde will take part in the IMF panel on the Global Economy. Hence, traders may want to wait for a while before taking a decisive call.

MCX Gold June future may experience a small technical correction and price may dip to Rs 52,300 per 10 gram but eventually may rally towards Rs 54,200 per 10 gram in coming weeks.

The price of 10 gram of 24-carat gold increased by Rs 320 on Tuesday to trade at Rs 54,280, and silver (per kg) became Rs 800 costlier to trade at Rs 69,900.

The Gold price of 10 gram of 24-carat gold in Bangalore and Hyderabad is on par with the price of 24-carat gold in Mumbai and Delhi i.e. Rs 54,380, while 22-carat gold is selling at Rs 49,850.

In Delhi, Kolkata, and Mumbai, the price of 1 kg of silver is Rs 69,900, whereas the price of 1 kg of silver in regions such as Hyderabad, Bengaluru and Chennai stood at Rs 75,200.

On Monday, gold in the national capital rallied Rs 542 to reach Rs 53,461 per 10 grams, reflecting an uptick in international precious metal prices along with rupee depreciation.

The price of gold (XAU/USD) differs in regions based on parameters such as making charges, excise duty, and state taxes.

In the international market, gold rose to a one-month high, just shy of the $2,000 an ounce level, as concerns around the Russia-Ukraine conflict and rising inflationary pressures increased safe-haven bids for the precious metal.

Gold’s advance was curbed late in the session by a jump in benchmark 10-year US Treasury yields and further gains in the dollar, which dulls the appetite for gold among overseas buyers.

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Gold Expected May Small Correction to Rs 52,300 This Week via @goldsilverrepor
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