Gold Price Today, 17 August 2022- Gold trades flat ahead of US Fed minutes; MCX support at Rs 51300

Gold Price Today, 17 August 2022: Gold trades flat ahead of US Fed minutes; MCX support at Rs 51300

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading flat to negative in India on Wednesday, as yellow metal trades flat globally. On Multi Commodity Exchange, gold October futures were trading at Rs 51,807 per 10 gram, as against the last close of Rs 51,837. Silver September futures were ruling at Rs 57,631 per kg, up Rs 34 or 0.06 per cent. Globally, yellow metal prices were flat as investors awaited the release of the minutes of the U.S. Federal Reserve’s latest policy meeting later in the day that could offer clues on further interest rate hikes, according to Reuters. Spot gold was flat at $1,775.59 per ounce, after hitting its lowest since Aug. 8 at $1,770.86 on Tuesday. U.S. gold futures were steady at $1,788.80 per ounce.

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MCX gold is expected to drop further in the intra day ahead of the US Retail Sales for July & Minutes if the previous FOMC Meeting. The greenback has rebounded from a mukti week low and is expected to continue with a positive momentum. The holding at the SPDR Gold ETF has dropped to 992.2 tonnes as on 16th August from 1,005.87 tonnes as on 29th July. Outlook is bearish for intra day. MCX October futures may rebound to Rs 51,950/52,000 per 10 gram however we recommend to short on every bounce. A good support is seen near Rs. 51,509 per 10 gram. Focus will be on the US economic data which will be released later today.

Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities

Gold continues to remain under $1800 and the market is focusing on FOMC meeting minutes to be published today. This will give an idea how aggressive Fed will be in the upcoming Sept FOMC meet.  Gold also saw some selling pressure on account of weaker crude oil prices and rising bond yields. Rally in equity markets is pulling traders away from long positions in safe haven gold and silver markets. In MCX, prices look vulnerable as it has breached 52000 levels. Next support for the market comes at 51300 while resistance is at 52200. 

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Tapan Patel, Senior Analyst — Commodities, HDFC Securities

Gold prices traded firm on Wednesday with spot gold prices at COMEX were trading near $1775 per ounce in the morning trade. MCX Gold October futures opened flat near Rs. 51823 per 10 gram. Gold prices have kept a steady trading range near $1780 per ounce on mixed global cues and firm dollar. The market is awaiting key US retail sales data to gauge the health of the US economy. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1760 and resistance at $1790 per ounce. MCX Gold October support lies at Rs. 51500 and resistance at Rs. 52200 per 10 gram.

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