Gold Rate Today, Gold Price on 26 April 2022: MCX Gold may rebound to Rs 51600, may trade lower in short-term – Gold Price Forecast, Gold Price Outlook

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold costs gained in India on Tuesday, as world charges rose above a close to four-week low. On MCX, gold June futures have been up by Rs 102 or 0.20 per cent to commerce at Rs 51,495 per 10 gram. Silver July futures jumped Rs 333 or 0.5 per cent to commerce at Rs 66,247 per kg on Multi Commodity Exchange. Globally, yellow steel rose above a close to four-week low hit within the earlier session, as decrease U.S. Treasury yields lifted costs and a slight retreat within the greenback provided help, in keeping with Reuters. Spot gold was up 0.2% at $1,902.31 per ounce, whereas U.S. gold futures have been up 0.3% at $1,902.30.

Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities

Gold costs briefly went beneath $1900 whereas silver is buying and selling beneath $24. Commodity costs witnessed promoting strain on issues that aggressive fee U.S. hikes will increase the greenback whereas sending actual yields increased as inflation is being introduced underneath management. U.S. greenback index went to a brand new multi-year excessive above 101 factors. The breach of psychological ranges of $1900 and $24 opens the door to additional losses as bearish sentiment rises within the market. In MCX, help comes round 51000 and 50300. With little over every week remaining for the Fed to hike by 50bps and to start quantitative tightening as we count on, demand for bullion from the investor group is prone to ease. Long time period buyers shouldn’t panic however within the quick time period, we nonetheless count on gold to commerce decrease.

Jigar Trivedi, Manager — Non-Agro Fundamental Research, Anand Rathi Shares & Stock Brokers 

Gold could rebound in in the present day’s session after it has declined for 5 straight periods, shedding round Rs. 1,870 on the MCX. The greenback index is exhibiting indicators of weak spot however the undertone is optimistic owing to a hawkish Fed stance. Meanwhile, buyers remained cautious of geopolitical uncertainties and the chance of stagflation, which can drive safe-haven demand and help gold costs. MCX Silver June futures even have dropped by practically Rs. 4,900 factors within the final 5 periods. So , there’s each risk of a bounce again within the bullion area. MCX Gold June futures could rebound to Rs. 51,600 per 10 gram & Silver May futures could recognize to Rs. 66,100 per kg.

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

Gold steadied close to four-week low hit in earlier session, amidst the volatility in U.S. Yields and Dollar and as market members proceed to low cost the aggressive rate of interest trajectory from the Fed this 12 months. Dollar continues to obtain help as expectations that the Federal Reserve would undertake a 50-basis level hike at its May coverage assembly subsequent week, double the 25 bps, authorised in March within the first pandemic-era U.S. fee enhance. A succession of Fed audio system final week maintained a hawkish stance and in addition soothed some market worries concerning the damaging influence of coverage tightening on the economic system. On the opposite hand, Russia advised the world to not underestimate the appreciable dangers of nuclear warfare that it mentioned it needed to cut back and warned that typical Western weapons have been authentic targets in Ukraine, the place battles raged within the east. Market members in the present day will control the necessary U.S. Consumer confidence and Core durables items orders information. Focus for the week will even be on the U.S. GDP information. Broader development on COMEX might be within the vary of $1880- 1920 and on home entrance costs might hover within the vary of Rs 51,150- 51,900.

Pritam Patnaik, Head –  Commodities, HNI and NRI Acquisitions, Axis Securities

Expectation of an imminent fee hike, prospect of extra aggressive hikes sooner or later , a rallying greenback index and rising bond yields, successfully knocked down gold costs beneath the $1900 ranges, in yesterday’s commerce. The treasured steel bounced again marginally across the $1890 ranges, which additionally occurs to be an necessary technical stage. A small correction within the greenback index and bond yields additionally facilitated the marginal restoration. The necessary query being is that this the bottom for the costs or can we see additional correction? 

The gold costs have successfully ignored the nuclear rhetoric being pushed by the Russian president. He has warned the western world of a substantial danger of a nuclear warfare, given the strain being exerted on Russia, each economical and army. This might additional add gasoline to the fireplace, in an already unstable geopolitical setting. Given the present elements , gold costs will proceed to commerce with a damaging bias , until the precise Fed fee hike occasion takes place. Till then adopting a promote on rise technique would be the favoured possibility.

(The views on this story are expressed by the respective specialists of the analysis and brokerage agency. Financial Express Online doesn’t bear any accountability for his or her recommendation. Please seek the advice of your funding advisor earlier than investing.)

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