Union Budget 2022: MCX gold Trades Flat, May touch Rs 48000 per kg Today [01-02-2022]

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading flat with a positive bias on Tuesday, ahead of Union Budget 2022 presentation. On Multi Commodity Exchange, gold April futures were trading Rs 18 up at Rs 47650 per 10 gram, as compared to the previous close of Rs 47,632. Silver March futures were also flat with some positive bias, trading Rs 22 up at Rs 60,998 per kg.

Globally, yellow metal prices remained flat as a weaker dollar countered concerns about potential interest rate hikes, while investors waited for a slew of economic data to gauge the strength of global economies, according to Reuters. Spot gold was little changed at $1,797.94 per ounce while US gold futures were up 0.2% at $1,799.10.

Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services

Gold price inched a bit higher towards $1800 as some relief was seen in the U.S. yields and Dollar. The U.S. Fed signaled interest rate hikes from March 2022 in its latest policy decision, which was scheduled last month. With that, many central banks like ECB, BoE and others have their policy meet scheduled this week keeping the pressure on the metal prices. Fed policymakers mentioned in their speech that they’ll raise interest rates in March but showed a cautious tone about what might follow, signaling a desire to keep options open in the face of an uncertain outlook for inflation, U.S. job scenario and a pandemic still ongoing.

Top Asian hubs such as China recorded firm demand for physical gold during the previous week as shoppers prepared for the Lunar New Year holiday. Whereas, there was some delay seen on the domestic market, all eyes are set on the Union budget scheduled today. Any update regarding the import duty and development in bullion industry will impact the prices.

Market participants will also keep an eye on the Manufacturing PMI data expected from major economies. Broader trend on COMEX could be in the range of $1775- 1815 and on domestic front prices could hover in the range of Rs 47,250- 48,000.

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities

COMEX gold trades marginally higher near $1797/oz after a 0.5% gain yesterday. Gold has edged up amid retreat in US dollar index from recent highs, mixed economic data and corporate earnings results, increased geopolitical tensions and inflation concerns. ETF inflows also shows buying interest. However, stability in equity market has kept a check on upside. Gold has edged up after taking support near $1780/oz level and may now move towards the key $1800/oz level however a sharp upside is unlikely as Fed’s tightening stance may keep US dollar supported.

Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities

After 2 days of negative closing, Gold prices were flat on Tuesday and also opened flat today. After a year of consolidation, gold has formed a solid price bottom at around $1,700 an ounce. Gold’s potential upside stems from the Fed’s hawkish stance to fight inflation as the U.S. stock market gives up last year’s gains. Gold responded well when the Federal Reserve started the last rate-hike cycle in 2015 till it ended in 2019 and expect that this time the metals will also be in favour when rate hike starts in March. US dollar has moved away from multi month peaks which also could give gold some respite. Gold is expected to remain sideways today and might see some volatility on back of Indian Rupee’s movement as we have Union Budget unveiling today. Support for intraday comes at 47450 while resistance comes at 47900.

Tapan Patel, Senior analyst commodities, HDFC Securities

Gold prices traded steady on Tuesday with spot gold prices at COMEX were trading near $1797 per ounce in the morning trade. MCX Gold April futures opened near Rs. 47674 per 10 gram capping upside on rupee appreciation. The yellow metal witnessed recovery paring some previous loses despite of firm dollar. The absence of most of the Asian markets may keep volume muted for the day. The inflation worries and geopolitical tension on Russia-Ukraine may keep downside limited in gold prices for the day. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1780 and resistance at $1810 per ounce. MCX Gold April futures support lies at Rs. 47300 and resistance at Rs. 48000 per 10 gram.

Abhishek Chauhan, Head of Commodity & Currency, Swastika Investmart

Gold gained ground as the Dollar index retreated from higher levels. However, prices of precious metals remained range-bound due to long week holidays in the Chinese market. Today price selling pressure is likely to be seen in precious metals ahead of the Union budget of India. Gold has support at 47400 below this level selling momentum may increase and take the prices towards 47050 levels. It has an immediate resistance at 47850. Silver has support at 60000 and fresh selling is expected below this level.

(The views and investment tips in this story are expressed by the respective experts of research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)

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