The price of gold today, June 23, 2022, falls as US Fed Chairman Powell pledges to fight inflation; support at Rs 50,600

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Gold price today, gold price outlook, gold price forecast: Gold prices in India were trading lower on Thursday on weak global signals after Fed Chairman Powell reiterated his fight against inflation. On the Multi Commodity Exchange, August gold futures were trading at Rs 134 or 0.3% at Rs 50,770 per 10 grams. July silver futures reigned at 60,178 rupees per kg, down 470 rupees or 0.8% on MCX. Globally, yellow metal prices were a bit lower with some support from a weaker dollar and US Treasury yields, after the head of the Federal Reserve said the central bank was fully determined to get inflation under control and would try not to trigger a recession in the process, according to Reuters. Spot gold was down 0.1% at $1,835.88 an ounce, while US gold futures were also down 0.1% at $1,837.30.

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Tapan Patel, Principal Analyst — Commodities, HDFC Securities

Gold prices traded flat on Thursday with COMEX Spot gold prices were trading near $1835 an ounce in morning trade. MCX Gold August futures opened weak near Rs. 50,795 on 10 grams under pressure from a stronger rupee. the yellow metal held a limited trading range below $1,840 amid aggressive FED rate hike expectations and recession fears. Gold prices got some respite with the lower dollar and weaker stock indexes. Prices are likely to trade within the current range barring any new triggers. We expect gold prices to trade sideways for the day with COMEX Spot gold support at $1820 and resistance at $1850 per ounce. MCX Gold August support stands at Rs. 50600 and resistance at Rs. 51300 per 10 grams.

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Jigar Trivedi, Director — Basic Non-Agricultural Research, Anand Rathi Shares & Stock Brokers

Gold may decline although the dollar is trading with a weak undertone. Bullion has traded in a tight range for most of this month as traders grapple with monetary policy tightening by central banks keen to contain price pressures, and the impact of those actions. on global growth. Powell is due to testify again in Washington DC later today. MCX Gold Aug can drop to Rs. 50,650 per 10 grams

Bhavik Patel, Commodities and Currency Analyst, Tradebulls Securities

Sentiment for gold remains neutral as bulls and bears tug of war. The bulls play the inflation and safe haven cards while the bears play the rate hike cards. With the FOMC meeting over for this month, traders await the latest inflationary data. The US Dollar retreated after the Fed Chairman said the “US economy is very strong and well positioned to handle tighter monetary policy.” The probability of a recession is not particularly high at the moment, which gave bulls comfort, although gold prices remained subdued. Gold in MCX should remain in the 50200-51200 range and should remain neutral until the next inflation data.

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(The views expressed in this story are expressed by the respective experts at the research and brokerage firm. The AU Times Online takes no responsibility for their advice. Please consult your investment advisor before investing.)

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