Gold Price Today, Gold Price March 10th: Gold trades flat against the Dollar, yields slide; Traders are eyeing the US Federal Reserve for hints of rate hikes – Gold Price Forecast, Gold Price Outlook

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices are trading flat on Friday on negative global signals, while silver prices are down 0.78%. On the Multi Commodity Exchange, April futures on gold were trading at Rs 55,308 per 10 grams, up Rs 7 or 0.01%. Silver May futures traded Rs 484 lower on the MCX at Rs 61,500 per kg.

Global yellow metal prices fell on Friday as investors anxiously await the US nonfarm payrolls report later in the day to gauge the likely trajectory of the Federal Reserve’s rate-hiking cycle, according to Reuters. Spot gold fell 0.1% to $1,828.90 an ounce. US gold futures were also down 0.1% to $1,832.90. Bullion is likely to be down this week and is down around 1.4% over the period.

Gold prices remain volatile

“Gold prices were slightly higher on Thursday while silver traded steady. The precious metals futures markets have seen short coverings and unwound certain positions ahead of key US economic data later in the day. The dollar index slid off three-month highs ahead of US jobs data and a rise in jobless claims. US equity markets also fell and US 10-year bond yields slipped below 3.90%, supporting bullion prices at lower levels.

“We expect gold and silver to remain volatile in today’s session. Gold has support at $1814-1802 while resistance is at $1840-1851. Silver has support at $19.81-19.65 while resistance is at $22.29-21.44. In terms of INR, gold has support at Rs 54,880-54,610 while resistance lies at Rs 55,480, 55,710. Silver has support at Rs 61,420-61,010 while resistance is at Rs 62,490-62,880,” said Rahul Kalantri, VP Commodities, Mehta Equities.

Gold prices up slightly

“Gold prices gradually rose as the dollar and US yields fell after data showed weekly US jobless claims rose more-than-expected, fueling hopes that a softening labor market is paving the way for less aggressive Federal Reserve rate hikes could. Governor Powell’s testimony earlier this week weighed on market sentiment as he raised concerns about persistent inflation and raised expectations for rate hikes in upcoming sessions. According to the Fed’s CME tool, market participants are pricing in around a 70% chance of a 50 basis point rate hike at the March meeting.

“Thursday’s data showed that the number of Americans who filed new jobless claims last week rose the fastest in five months, but the underlying trend remained consistent with a tight labor market. After upbeat ADP payrolls data and weak jobless claims, all eyes are on February nonfarm payrolls data as it could provide further clarity on the Fed’s monetary policy stance. The broader trend on the COMEX could be in the $1,805-$1,835 range and on the domestic front, prices could be in the Rs.54,800-55,500 range,” said Manav Modi, MOFSL.