Gold Price Today, 24 August 2022- Gold to remain neutral to bearish today, sell on rise; US Fed speech eyed

Gold Price Today, 24 August 2022: Gold to remain neutral to bearish today, sell on rise; US Fed speech eyed

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading in red on Wednesday, as yellow metal prices remained steady in global markets. On Multi Commodity Exchange, gold October futures were ruling Rs 37 or 0.07 per cent down at Rs 51,376 per 10 gram, as against the previous close of Rs 51,417. Silver September futures were down Rs 38 to Rs 55,169 per kg. Globally, yellow metal prices held steady with gains checked by an uptick in the U.S. dollar, as market participants looked forward to a speech from Federal Reserve Chair Jerome Powell later this week, according to Reuters. Spot gold was little changed at $1,746.60 per ounce, after rising 0.7% in the previous session. U.S. gold futures eased 0.2% to $1,758.20.

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Gold prices traded steady on Wednesday with spot gold prices at COMEX were trading near $1746 per ounce in the morning trade. MCX Gold October futures traded flat near Rs. 51370 per 10 gram following mixed global cues. Gold prices recovered on weaker dollar following disappointed US data and ease in US bond yields. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1730 and resistance at $1760 per ounce. MCX Gold October support lies at Rs. 51100 and resistance at Rs. 51700 per 10 gram.

Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities

Precious metal saw prices jump yesterday ahead of Federal Reserve Chair Jerome Powell’s keynote at the Jackson Hole symposium. The dollar continues to draw ample strength from risk aversion, however yesterday the market also anticipated that Powell may express concern over the US economic outlook and reduce the odds of big rate moves. We are divided on where gold is heading this week but are confident that gold will be volatile this week. If prices breach $1724 then $1700 is on the cards and move above $1752 could take prices till $1770. The only positive trigger for gold would be a dovish surprise from the Fed. On the other hand, an aggressive Fed would mean a lower floor price for gold. We expect gold to remain neutral to bearish intraday and sell on rise is recommended with support at 51100 and resistance at 51500.

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Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services

Gold rose after six straight sessions of losses as the dollar and Treasury yields dropped following weak U.S. business activity data. The dollar index slipped 0.5%, trading below the 109 level; whereas U.S. Yields are holding above 3%. On the data front, business activity across the euro zone contracted for a second straight month in August as the cost of living crisis forced consumers to curtail spending while supply constraints continued to hurt manufacturers. Similarly, Private-sector business activity in the United States contracted for a second straight month in August to its weakest in 18 months. Tight job market scenario has kept the optimisim for no recession alive although, other data points, which are reported lower than expectations show deteriorating health of economy influencing fed for a softer pace, w.r.t interest rate hikes. These weak data points supported bullions on lower levels, although comments from fed officials and anticipation of an hawkish commentary from Governor Powell in symposium is capping gains on the higher side. Focus is now on Fed Chair Jerome Powell’s speech at an annual global central banking conference in Jackson Hole, Wyoming, on Friday. Focus today will be on U.S. pending home sales and Core durables goods order data. Broader trend on COMEX could be in the range of $1725-1760 and on domestic front prices could hover in the range of Rs 50,920-51,750

Jigar Trivedi, Senior Analyst Currency & Commodities, Reliance Securities

MCX gold rebounded in yesterday’s session as data pointing to the continued slowdown in the US economy eased the demand for the dollar. In the meantime, investors await Fed chair Powell’s speech at the annual Jackson Hole symposium this week. For intra day,we don’t deny the possibility of a rebound to Rs. 51,500 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.)