Gold Price Today, 16 Feb- Gold flat, dollar slips; upbeat US retail data raises fears of hawkish US Fed policy

Gold Price Today, 16 Feb: Gold flat, dollar slips; upbeat US retail data raises fears of hawkish US Fed policy

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading flat on Thursday as a result of mixed global cues, while the silver rate is up 0.37%. On Multi Commodity Exchange, gold April futures were trading at Rs 56,165 per 10 grams, up Rs 39 or 0.7%. Silver March futures were trading higher by Rs 239 at Rs 65,660 per kg on MCX.

Globally, the yellow metal prices were flat on Thursday as the US dollar pulled back. However, investors and traders remained cautious as fears of further rate hikes from the US Federal Reserve still loomed, according to Reuters. Spot gold was up 0.3% at $1,840.94 per ounce. US gold futures rose 0.3% to $1,850.20.

US CPI YoY data at the start of this week was reported better than expectations suggesting that more rate hikes could be witnessed in the coming Fed meeting. Focus today will be on the US PPI and Philly fed manufacturing index. Broader trend on COMEX could be in the range of $1820-1860 and on domestic front prices could hover in the range of Rs 56,000-56,480.

Gold to remain volatile: Rahul Kalantri, Mehta Equities

Gold and silver prices slipped again on Wednesday following strong gains in the dollar index and the US 10-year bond yields. Gold prices slipped to 9-week lows and silver prices also eased to 2.5 month lows in the international markets. The dollar index crossed 103.50 marks and the US 10-year bond yields crossed 3.80% amid anticipation of further interest rate hikes from the US Fed in the upcoming policy meetings. Upbeat US retail sales, core retail sales data and higher than expected inflation numbers could prompt the US Fed to maintain an aggressive stance by increasing interest rates to control inflation.

We expect gold and silver to remain volatile in today’s session. Gold has support at $1821-1810 while resistance is at $1846-1855. Silver has support at $21.20-21.00, while resistance is at $21.50-21.65. In INR terms gold has support at Rs 55,940-55,810, while resistance is at Rs 56,420-56,640. Silver has support at Rs 64,850-64,320, while resistance is at Rs 65,750–65,980.