Gold Price Today, 28 April- Gold under 60000 level, headed for monthly gain; traders price in 25 bps rate hike

Gold Price Today, 28 April: Gold under 60000 level, headed for monthly gain; traders price in 25 bps rate hike

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading in the negative territory on Friday, while the silver rate is up 0.07%. On Multi Commodity Exchange, gold June futures were trading at Rs 59,759 per 10 grams, down Rs 142 or 0.24%. Silver May futures were trading lower by Rs 52 at Rs 75,228 per kg on MCX. 

Globally, the yellow metal prices were poised for a second monthly gain on Friday as lingering economic concerns and a weaker dollar drove investors to the safe-haven asset, with markets now focused on the Federal Reserve’s meeting due next month, according to Reuters. Spot gold held its ground at $1,989.50 per ounce by 0310 GMT, and was headed for a 1.1% monthly gain. U.S. gold futures were flat at $1,999.00.

“Also, US weekly jobless claims data also unexpectedly fell over the past week, separate data showed, indicating that the labor market was running strong. As we get clarity from today’s inflation data, focus will shift to the Fed policy meeting scheduled next week, where markets are pricing in a 85.4% chance of a 25 bps rate hike. Focus today will also be on the BOJ policy meeting. Broader trend on COMEX could be in the range of $1970-2010 and on domestic front prices could hover in the range of Rs 59,550-60,450,” said Manav Modi, MOFSL.

Gold ends lower on Wednesday

“Gold price is firm with spot gold at Comex was trading higher by 0.04% at $1987 per ounce in the morning trade. In the previous session, gold price settled marginally weak after falling below $1980 per ounce as the U.S. Dollar and bond yields rose following data showing the personal consumption expenditure price rose more than estimated while initial Jobless claims also unexpectedly fell in previous week. Meanwhile, the market discounted another 25-basis point rate hike by the Federal Reserve in its next week policy meeting. Higher interest rate scenario negative for non-yielding metal.

We expect the gold price can fall further once price break support of $1965 per ounce. Buying should be avoided until the price trades below $2019 per ounce. Comex spot gold having support at $1965/$1940 per ounce and resistance at $2005/$2019 per ounce. MCX Gold June future having support at Rs 59,100 per 10 gram and resistance at Rs 60,300 per 10 grams,” said Rahul Kalantri, VP Commodities, Mehta Equities.