Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold and Silver traded lower on Thursday. Gold futures on the multi-commodity exchange (MCX) for June delivery were trading at Rs 60,010, down 0.22% or Rs 135 and Silver futures for July delivery fell 0.81% or Rs 585 to Rs 72,073. Globally, the gold rate decreased as the dollar held firm and optimism over US debt-ceiling talks reduced the metal’s safe-haven appeal. Spot gold fell 0.2% to $1,977.79 per ounce. US gold futures edged 0.1% lower to $1,982.10. Spot silver fell 0.5% to $23.61 per ounce, platinum shed 0.2% to $1,066.71, and palladium lost 0.4% to $1,480.85.
US President Joe Biden has expressed confidence that there will be no US default, and House Speaker Kevin McCarthy said reaching an agreement this week is “doable.” Meanwhile, US regional banks rallied after Western Alliance Bancorp reported growth in deposits. Comments from officials also supported the greenback, after European Central Bank Vice President Luis de Guindos said the ECB has completed most of its tightening but there is still “a way to go.” A batch of Fed official’s speeches and US weekly jobless claims data will be in focus for the day. Amid improved risk sentiments in the market coupled with positive developments on the debt ceiling front, we might see some pressure on gold rate,” said Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities Ltd.
“We expect the gold price should correct further to $1965 per ounce after the price broke support of $1980 per ounce in the previous session. For the day Comex spot gold has supports at $1965/$1950 per ounce and resistance at $2005/$2019 per ounce. MCX Gold June future has supports at Rs 59,750/59,580 per 10 grams and resistances at Rs 60,400/60,700 per 10 grams,” said Saumil Gandhi, Senior Analyst (Commodities), HDFC securities.