gold prices in future India It gained momentum on Thursday following global cues. On the Multi Commodity Exchange (MCX) on June 16, at 9:20 am, the futures of gold rose 0.48 percent to Rs 50,680 per 10 grams. There was also a huge jump in the price of silver. The precious metal futures rose 0.71 per cent to Rs 61,125 for one kg on Thursday.
Gold prices eased in the international market on Thursday as the dollar recovered marginally after the US Federal Reserve hiked rates. Spot gold was down 0.1 per cent to $1,831.63 an ounce as of 0235 GMT, while US gold futures were up 0.8 per cent to $1,833.40.
The United States Federal Reserve on Wednesday raised its target interest rate by three-quarters of a percentage point to 1.5-1.75 percent to tackle rising inflation in the country. this was it Biggest rate hike by US central bank Since 1994.” The Committee seeks to achieve maximum employment and inflation at a rate of 2 percent over the long term. In support of these goals, the Committee raised the target range for the federal funds rate from 1/1/2 to 1-3/4. percentage and anticipates that an ongoing increase in the target range would be appropriate,” the Federal Open Markets Committee said in a statement. The policy-making committee also forecast a slowing economy and rising unemployment in the coming months.
Gold Price, Silver Price Outlook
“MCX gold prices are expected to move higher by Rs 51,000 for the day mainly due to easing in dollar index. Silver prices are expected to give a signal from gold prices and may further move towards Rs 62,500 levels for the day,” ICICI Direct said in a note.
“Trade has resumed with a gap in international spot and COMEX gold prices in Asian trade on Thursday morning due to lower dollar and bond yields. Investors will look to the Bank of England meeting and jobs data from the US for further indications. Today’s range of COMEX August Gold is $1803.53-$1861.47. In view of the positive opening in the overseas markets, the domestic gold futures prices may start rising this Thursday morning. A slightly stronger rupee may move upwards. Today’s MCX Gold August range is Rs 50,145-51,155.
“Gold prices are seeing uncertainty as growth concerns, geopolitical uncertainty and rising inflation are dragging it down, while a stronger US dollar and bond yields are reducing gold’s sheen. The Fed’s aggressive rate hike is also on the cards, putting pressure on gold prices. Investors are not able to decide whether to buy dips or short on highs. Indecision in sleeping can remain for some time. Buy Zone Near – Rs 50,300 with a target of Rs 50,500
Sell zone below – Rs 50,200 with a target of Rs 50,000,” said Dr Ravi Singh-Vice President and Head of Research-ShareIndia.
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