Gold Price Today, 8 June- Gold price flat as traders await RBI monetary policy verdict; silver gains mildly

Gold Price Today, 8 June: Gold price flat as traders await RBI monetary policy verdict; silver gains mildly

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading flat on Thursday, while the silver rate is up 0.17%. On Multi Commodity Exchange, gold August futures were trading at Rs 59,483 per 10 grams, down Rs 20 or 0.03%. Silver July futures were trading higher by Rs 120 at Rs 71,845 per kg on MCX. 

Globally, the yellow metal edged higher on Thursday, supported by a softer dollar, although bullion hovered near the previous session’s lows as investors awaited cues from the U.S. Federal Reserve, according to Reuters. Spot gold rose 0.4% to $1,946.47 per ounce by 0307 GMT, after shedding 1% in the previous session. U.S. gold futures edged 0.1% higher to $1,961.00.

“We expect gold and silver to remain volatile in today’s session. Gold has support at $1932-1921 while resistance at $1954-1962. Silver has support at $23.38-23.20, while resistance is at $23.75-23.92. In INR terms, gold rate has support at Rs 59,260-59,080, while resistance is at Rs 59,720, 59,950. Silver price has support at Rs 71,280-70,720, while resistance is at Rs 72,240–72,620,” said Rahul Kalantri, VP Commodities, Mehta Equities.

“Gold price inched higher following a 1% drop in the previous session, while investors cautiously awaited the upcoming Federal Reserve policy meeting. Resurgence in the dollar and Treasury yields amidst the debt ceiling concerns and interest rate hike debate has also capped losses for metal on the higher end. The U.S. economy is strong amid robust consumer spending but some areas are slowing down, U.S. Treasury Secretary Janet Yellen said, adding that she expects continued progress in bringing inflation down over the next two years. According to the interes probability chart, the Fed will not raise interest rates for the first time in more than a year at its June 13-14 meeting.

“The U.S. consumer inflation report for May, due on June 13, ahead of the Fed meeting, will provide investors with more clarity about the health of the world’s largest economy. Focus today will be on the Reserve Bank of India policy meeting, wherein no changes in rate is expected, however comments from the governor will be important to watch for,” said Manav Modi, MOFSL.