Gold Price Today, 30 Aug 2022- Comex gold off 1-month low, prices on MCX to trade sideways to down intraday

Gold Price Today, 30 Aug 2022: Comex gold off 1-month low, prices on MCX to trade sideways to down intraday

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading lower in India on Tuesday, even as yellow metal gained globally. On Multi Commodity Exchange, gold October futures were down Rs 188 or 0.4 per cent to Rs 51,062 per 10 gram, as against the previous close of Rs 51,250. Silver December fell Rs 347 or 0.6 per cent to Rs 54,893 per kg. Globally, yellow metal prices inched up as the dollar eased off a 20-year high, offsetting pressure from expectations of the US Federal Reserve keeping interest rates higher for longer to combat inflation, according to Reuters. Spot gold ticked 0.1% higher to $1,739.14 per ounce, while U.S. gold futures rose 0.1% to $1,751.7.

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Gold steadied a bit around $1750 after witnessing a fall in past few sessions. Dollar eased off a 20-year high, offsetting some pressure from expectations of the Fed keeping interest rates higher for longer to combat inflation. The dollar index was off a two-decade high hit while the benchmark 10-year yields pulled back from a two-month high hit in the previous session. After hawkish comments from Governor Powell in Jackson hole symposium market participants are discounting a 75bps rate hike in the Sept. meeting as well, putting weight on safe haven assets. Later this week, all eyes will be on U.S. non-farm and unemployment rate.Broader trend on COMEX could be in the range of $1715-1755 and on domestic front prices could hover in the range of Rs 50,800-51,600.

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities

COMEX gold has come off 1-month low to trade mixed near $1750/oz as US dollar index is off the highs while US bond yields have stabilized. The US dollar index has corrected from 2002 highs as Fed’s hawkish comments are countered by hawkish comments from ECB officials. Some pause in equity market sell-off has also affected the US dollar’s safe haven appeal. Gold may remain choppy as market players continue to react to US economic numbers and Fed comments however Fed’s hawkish stance may keep US dollar supported which may keep pressure on gold prices.

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Tapan Patel, Senior Analyst — Commodities, HDFC Securities

Gold prices traded steady on Tuesday with spot gold prices at COMEX were trading near $1735 per ounce in the morning trade. MCX Gold October futures traded weak in the opening trade near Rs. 51140 per 10 gram following stronger rupee. Gold prices were supported by dollar weakness which retreated from 20 year highs. Gold prices may cap upside on hawkish FED to tackle inflation. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1720 and resistance at $1760 per ounce. MCX Gold October support lies at Rs. 50900 and resistance at Rs. 51500 per 10 gram.

(The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)