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Gold Prices Today: Volatile trading on cards as recession fear, hawkish Fed haunt markets

Gold may remain a range amid warring factors however Fed’s tightening expectations may keep pressure on prices, said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

June 27, 2022 / 10:00 AM IST
Gold, Gold prices, precious metals

Gold, Gold prices, precious metals

Gold prices firmed up on Monday in the international markets, as some Western nations' plans to ban imports of the metal from Russia for its invasion of Ukraine signalled potentially tighter supplies of bullion. Spot gold was up 0.2 percent at $1,828.99 per ounce by 0102 GMT. US gold futures traded flat at $1,830.90.

At 9.47am, gold contracts were trading 0.38 percent higher at Rs 50,814 for 10 grams on the Multi-Commodity Exchange (MCX), while silver gained 0.78 percent to Rs 60,213 a kilogram.

Prices of precious metals declined for the second consecutive week. Gold and silver prices remain under pressure due to the possibility of a big interest rate hike by the US Fed. Investors are wary of the impact of tighter central bank policies around the world aimed at curbing rising inflation.

Gold prices remain in a limited range of Rs 51,300 to Rs 50,100 per 10 grams. Whereas, selling pressure in industrial metals has increased the selling pressure in silver. Flash manufacturing data released last week from the US, Europe, and Japan were weaker than expected, indicating an economic slowdown.

August futures gold price has support at Rs 50,000 and resistance at Rs 51,500. In July futures silver has support at Rs 58000 and resistance at Rs 62000, said Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart.

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Tapan Patel, Senior Analyst (Commodities), HDFC Securities

Gold prices traded firm on Monday with spot gold prices at COMEX were trading 0.49% up near $1835 per ounce in the morning trade. Gold prices were supported by weaker dollar and expectations that G-7 nations may ban import of new gold from Russia.

We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1820 and resistance at $1850 per ounce. MCX Gold August futures support lies at Rs 50500 and resistance at Rs 51200 per 10 grams.

Rahul Kalantri, VP Commodities, Mehta Equities

Bullion prices slipped last week as gold slipped to four week lows and silver prices plunged to six week lows. The narrative of global investors has shifted from the problematic inflation to global economic recession.

We expect both precious metals to remain volatile this week. Gold has the metal’s multiple rejections from the 200-DMA hurdle of $1,845, as well as the sustained trading below the 50-DMA, around $1,856 by the press time, also keeps gold sellers hopeful. Silver is trading near the make or break levels and if $20.78 holds on a weekly closing basis it could show strength again towards $22 per troy ounce in upcoming sessions.

In rupee terms gold has support at Rs 50,440–50,110, while resistance is at Rs 50,980–51,240. Silver has support at Rs 59,280–58,710, while resistance is at Rs 60,480–60,910.

Ravindra Rao, VP- Head Commodity Research at Kotak Securities

COMEX gold trades modestly higher near $1835/oz amid weakness in US dollar and concerns about Russian supply as some G7 countries plan to ban new gold imports from Russia. Gold is also supported by increasing growth concerns amid disappointing data and downbeat growth forecasts. Monetary tightening expectations and some stability in equities has however limited upside. Gold ETF’s have also seen net outflows reflecting weaker investor buying. Gold may remain a range amid warring factors however Fed’s tightening expectations may keep pressure on prices.

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Sandip Das
first published: Jun 27, 2022 10:00 am