MCX Gold Price Analysis Prediction forecast Today MCX Gold Price Today

    Gold Analysis covers:

    Prathamesh Mallya 
 DVP Research Angel One LtdAnalysis of Gold Trend, by Mr. Prathamesh Mallya,
    DVP- Research, Non-Agri Commodities and Currencies, Angel One Ltd

    Gold prices remain subdued; Crude prices show promise.

    Gold prices edged up on Tuesday despite a stronger U.S. dollar, as investors awaited key U.S. inflation data and the conclusion of the Federal Reserve’s two-day monetary policy meeting.

    The dollar index, near a one-month peak, made gold more expensive for buyers outside the U.S.

    A Reuters poll indicated the Fed might cut interest rates in September and again later this year, although there’s a significant risk of no cuts at all.

    High interest rates reduce the appeal of gold compared to yielding assets.

    Recently, gold prices fell over 3.5% on Friday, driven by U.S. jobs data and China’s central bank pausing gold purchases, marking the steepest daily drop since November 2020.

    Outlook: Gold prices are expected to remain cautious as investors await U.S. inflation data and the Federal Reserve’s policy meeting outcome.

    Kaynat Chainwala, Associate Vice President, Commodity Research, Kotak Securities

    Gold Crude Quote by Kaynat Chainwala,
    AVP-Commodity Research, Kotak Securities
    For 10 June 2024

    Gold & Silver report for the month of May with an outlook for June from Kaynat Chainwala, AVP-Commodity Research, Kotak Securities:

    COMEX Gold prices gained for more than 2% in May, rising for the third consecutive month and touched a record high of $2454.2 per troy ounce on Fed pivot bets and heightened geo-political tensions. However, some of the early gains were pared during the end of the month as investor’s recalibrated Fed rate cut bets after a hawkish FOMC meeting minutes and a swath of Federal Reserve speakers tempered some optimism over prospects for looser monetary policy, indicating that rates might stay higher for longer. Geo-political risk premium also eroded as the war in middle-east remain confined.

    The May FOMC meeting minutes showed “many” officials questioned whether policy was restrictive enough to bring inflation down to target. Multiple policymakers noted that they are willing to further tighten policy if needed, challenging Chairman Powell’s previous remarks that a rate hike is unlikely. Policymakers agreed that disappointing readings on inflation in Q1, along with signs of strong economic momentum, meant it would take longer than previously anticipated for them to gain greater confidence on inflation, bringing down expectations to just one rate cut this year.

    Central bank gold purchases continued the momentum and increased to 33 metric tons in April, indicating strong demand despite high prices, according to WGC. The Central Bank of Turkey was the largest buyer, increasing its official reserves by 8t, followed by the National Bank of Kazakhstan (6t) and RBI (6t). The PBoC gold buying slowed in April, rising by just 2t and didn’t see any buying in May, ending an 18 month buying spree. Meanwhile, global ETFs saw net inflows in May, ending a twelve month losing streak as investors were lured by the recent rally.

    COMEX Silver prices saw fantastic gains of almost 15% in May and rose to a 12 year high of $32.75 per troy ounce as gold prices notched fresh highs and base metals skyrocketed on supply concerns. China’s measures to stabilize its crisis-hit property sector, record industrial demand this year and market anticipation of rate cuts aided prices. Silver prices also received a boost from rise in speculative activity as money managers increased COMEX CFTC not longs to a two year high in May.

    Outlook: Gold and Silver prices extended previous months gains in early June, as signs of softening US Labour market coupled with rate cuts from other central banks improved the conviction that Fed might cut interest rates two times this year, bolstering the non-yielding bullions. Except for the ISM services PMI, all other major data released this month, mainly JOLTs job openings, ADP employment, weekly jobless claims and ISM manufacturing PMI showed signs of weakness. Along with that, bank of Canada and European central bank slashed rates by a quarter point this week, and Fed might also follow the path as inflation abates later this year. The FOMC meeting, with the release of fresh projections and dot plot coupled with US inflation numbers next week might set the path for gold prices in June.

    👉Will Gold Go up or down?
    Gold Technical Analysis by Paresh Gordhandas

    MCX Gold price 28 Dec 2023

    For 14 June 2024
    MCX Gold Price Today Rs. 71138
    Gold Price Projection for Today: On Friday at the opening bell, weak and down trend is expected

    Very short-Term Trade Angle:  
    Target       Rs. 70826 on lower side
    Stoploss   Rs. 71600 on higher side. 


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