Gold Price Today, 27 April- Gold gains, dollar softens as traders eye US Fed, economic data for rate hike cues

Gold Price Today, 27 April: Gold gains, dollar softens as traders eye US Fed, economic data for rate hike cues

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading in the positive on Thursday, while the silver rate is up 0.77%. On Multi Commodity Exchange, gold June futures were trading at Rs 60,102 per 10 grams, up Rs 209 or 0.35%. Silver May futures were trading higher by Rs 580 at Rs 75,565 per kg on MCX. 

Globally, the yellow metal rose on Thursday on a softer dollar, while investors braced for a host of U.S. economic data ahead of a crucial Federal Reserve’s policy meeting next week. Spot gold rose 0.4% to $1,996.50 per ounce by 0230 GMT, while U.S. gold futures climbed 0.5% to $2,005.20.

“Focus is now on U.S. first quarter GDP data due later in the day, which is expected to show that growth cooled after a stronger-than-expected fourth quarter; and also on US inflation data. The data comes ahead of a Fed meeting next week, where the central bank is widely expected to hike interest rates by 25 basis points. Broader trend on COMEX could be in the range of $1985-2015 and on domestic front prices could hover in the range of Rs 59,800-60,400,” said Manav Modi, MOFSL.

Gold ends lower on Wednesday

“Gold and silver ended slightly lower on Wednesday as U.S. bond yields recovered with the focus shifting to upcoming economic data and fresh worries surrounding the U.S. banking turmoil. The U.S. consumer durable goods and core durable goods orders data released on Wednesday was also better than expected and increased the possibility of Fed rate hikes which capped gains of precious metals. However, traders are now focussed on U.S. quarterly gross domestic product data due later today, followed by the core personal consumption expenditures index on Friday, the Fed’s preferred inflation gauge.

“Gold has support at $1980-1965 while resistance is at $2005-2015. Silver has support at $24.80-24.58, while resistance is at $25.20-25.32. In INR terms gold has support at Rs 59,740-59,550, while resistance is at Rs 60,320, 60,510. Silver has support at Rs73,480-73,050, while resistance is at Rs74,650–75,030,” said Rahul Kalantri, VP Commodities, Mehta Equities.