Gold Rate Today, Gold Price Feb 1, 2022: MCX Gold is Trading Flat Ahead of Union Budget 2022, May Touch Rs 48,000 Today

Gold price today, gold price outlook, gold price forecast: Gold prices were trading flat with a positive bias on Tuesday, ahead of the presentation of the 2022 Union budget. On Multi Commodity Exchange, April gold futures were trading at Rs 18 to 47 Rs 650 per 10 grams, compared to the previous close of Rs 47,632. Silver March futures were also flat with some positive bias, trading at Rs 22 to Rs 60,998 per kg. Globally, yellow metal prices held steady as a weaker dollar countered concerns over potential interest rate hikes, as investors awaited a flurry of economic data to gauge strength. global economies, according to Reuters. Spot gold was little changed at $1,797.94 an ounce while US gold futures rose 0.2% to $1,799.10.

Navneet Damani, Senior Vice President – Commodities and Currency Research, Motilal Oswal Financial Services

The price of gold edged higher towards $1800 as some relief was seen in US yields and the dollar. The US Fed signaled interest rate hikes from March 2022 in its latest policy decision, which was due last month. With that, many central banks like the ECB, BoE and others have their policy meeting scheduled for this week keeping pressure on metal prices. Fed policymakers mentioned in their speech that they would raise interest rates in March, but sounded cautious about what might come next, signaling a desire to keep options open amid an uncertain outlook for the economy. inflation, the employment scenario in the United States and an ongoing pandemic. Major Asian hubs such as China saw firm demand for physical gold over the past week as buyers geared up for the Lunar New Year holiday. While there has been some delay in the internal market, all eyes are on the EU budget due today. Any updates regarding import duties and the development of the bullion industry will have an impact on prices. Market participants will also be keeping an eye on the expected manufacturing PMI data from major economies. A broader trend on the COMEX could be between $1,775 and $1,815 and on the home front, prices could swing between Rs 47,250 and 48,000.

Ravindra Rao, CMT, EPAT, Vice President of Commodities Research, Kotak Securities

COMEX gold is trading slightly higher near $1797 an ounce after a 0.5% gain yesterday. Gold edged higher amid a decline in the US Dollar Index from recent highs, mixed economic data and corporate earnings, heightened geopolitical tensions and inflationary concerns. ETF entries are also showing buying interest. However, stability in the stock market dampened the rise. Gold edged higher after taking support near the $1780/oz level and may now edge closer to the key $1800/oz level, but a big upside is unlikely as the Fed’s tightening stance may hold the US dollar supported.

Bhavik Patel, Commodities and Currency Analyst, Tradebulls Securities

After 2 days of negative closing, gold prices were flat on Tuesday and also opened flat today. After a year of consolidation, gold has formed a solid price floor at around $1,700 per ounce. Gold’s upside potential stems from the Fed’s hawkish stance to fight inflation as the US stock market sheds last year’s gains. Gold reacted well when the Federal Reserve launched the last cycle of rate hikes in 2015 until its end in 2019 and this time expects the metals to also be in favor when the rate hike begins in March. The US dollar has moved away from multi-month highs, which could also give gold some respite. Gold is expected to remain sideways today and may experience some volatility due to the movement of the Indian Rupee as we have the Union budget unveiling today. Support for the intraday lies at 47450 while resistance lies at 47900.

Tapan Patel, Senior Commodities Analyst, HDFC Securities

Gold prices traded flat on Tuesday, with COMEX spot gold prices trading near $1,797 an ounce in morning trade. April MCX Gold futures opened near Rs. 47,674 per 10 grams capping upside on rupee appreciation. The yellow metal has seen a rally, erasing some previous losses despite a firm dollar. The absence of most Asian markets may keep volume muted for the day. Inflation concerns and geopolitical tensions over Russia and Ukraine may limit the decline in gold prices for the day. We expect Gold prices to trade sideways lower for the day with COMEX Spot Gold support at $1780 and resistance at $1810 per ounce. Support for MCX Gold April futures stands at Rs. 47,300 and resistance at Rs. 48,000 for 10 grams.

Abhishek Chauhan, Head of Commodities and Currencies, Swastika Investmart

Gold gained ground as the dollar index retreated from higher levels. However, precious metal prices remained range-bound due to the long week-long holiday in the Chinese market. Today, price selling pressure is likely to be seen in precious metals ahead of India’s Union Budget. Gold has support at 47400 below this level, selling momentum may increase and take prices towards the 47050 levels. There is immediate resistance at 47850. Silver has support at 60000 and further selling are expected below this level.

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