Gold prices hold a tight range ahead of the US inflation data release, with spot gold up 0.3% at $2,027.08 per ounce and U.S. gold futures unchanged at $2,033.90. Investors are eagerly waiting for the data to be released to gain insight into the Federal Reserve's policy path.
Gold and Silver futures were trading higher on Tuesday, with Gold June futures trading at Rs 61,061 per 10 grams, up Rs 134 or 0.22%, while Silver May futures were trading higher by Rs 95 at Rs 77,174 per kg on MCX. This indicates a positive outlook for precious metals, with investors looking for opportunities to invest in the forex market.
Analysts predict that gold prices will continue to trade higher, with the metal gaining strength on Monday after a loss the previous day. Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One, expects gold to trade higher towards 61,410 levels, with a break prompting the price to move higher to 61,810 levels.
Gold prices are expected to fluctuate within a narrow range before the release of the U.S. consumer inflation data for April. Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities, predicts that Comex spot gold will likely trade in the range of $2005 to $2035 per ounce, with support at $2005/$1995 per ounce and resistance at $2035/$2050 per ounce.
The release of the US inflation data for April is expected to impact the forex market, with investors looking for clues on the Federal Reserve's policy path. This will have an impact on the value of currencies, including the US dollar, as well as the prices of commodities such as gold and silver. As such, it is important for forex traders to stay informed about economic events and their impact on the market.