Gold Price Today, 9 May- Gold to be range-bound; investors eye US CPI for rate hike clues

Gold Price Today, 9 May: Gold to be range-bound; investors eye US CPI for rate hike clues

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading higher on Tuesday, while the silver rate is up 0.12%. On Multi Commodity Exchange, gold June futures were trading at Rs 61,061 per 10 grams, up Rs 134 or 0.22%. Silver May futures were trading higher by Rs 95 at Rs 77,174 per kg on MCX.

Globally, the yellow metal prices flitted in a narrow range on Tuesday ahead of U.S. inflation data, which investors will scrutinize for clues on the Federal Reserve’s policy path, according to Reuters. Spot gold was up 0.3% at $2,027.08 per ounce, as of 0520 GMT. Prices traded in a tight range of about $8. U.S. gold futures were unchanged at $2,033.90.

“According to last Friday’s payrolls data, US job creation quickened in April, indicating ongoing labor market resilience. We expect gold to trade higher towards 61,410 levels, a break of which could prompt the price to move higher to 61,810 levels,” said Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One.

Gold prices to fluctuate within narrow range

“Gold rate edged higher with spot gold at Comex was trading up by 0.12% at $2023 per ounce in the morning trade. In the previous session, gold price rose around 0.22% and silver price gained amid a weaker dollar and to pare some of Friday’s losses as traders wound back bets that the Federal Reserve would cut rates later this year. However further upside capped investors looking for more US macro data. Investors’ focus will be on US consumer inflation data for April, due on Wednesday, which could offer a clearer picture of whether the Fed’s interest rate increases are cooling inflation or not.

“We expect gold prices and silver rate should fluctuate within a narrow range before US consumer inflation data. Comex spot gold likely trades in the range of $2005 to $2035 per ounce. Comex spot gold having support at $2005/$1995 per ounce and resistance at $2035/$2050 per ounce. MCX Gold June future having supports at Rs 60,700/60,580 per 10 gram and resistances at Rs 61,300/61,540 per 10 grams,” said Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities.