Gold Rate Today, Gold Price in India on 5 May: Gold price set for biggest weekly gain in nearly two-months, as banking worries bolstered the appeal of the safe-haven metal.
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Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading flat on Friday, while the silver rate is up 0.23%. On Multi Commodity Exchange, gold June futures were trading at Rs 61,469 per 10 grams, down Rs 24 or 0.04%. Silver May futures were trading higher by Rs 182 at Rs 78,220 per kg on MCX.
Globally, the yellow metal prices were flat on Friday but are set for their biggest weekly gain in nearly two months, as hopes of a pause in the U.S. Federal Reserve’s interest rate hike cycle and banking worries in the country bolstered the safe-haven metal’s appeal. Spot gold was little changed at $2,050.63 per ounce as of 0349 GMT, but was up 3% for the week. U.S. gold futures were up 0.1% to $2,058.50.
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Gold and silver prices to remain volatile
“COMEX Gold futures touched a high of $2,085.4 per troy ounce on Thursday before paring early gains, as US banking turmoil boosted the demand for safe haven assets. International gold prices are not far from an all-time high of $2,089.2 per troy ounce touched during covid, while MCX Gold prices rose to a record high of Rs.61,845 per 10 gram yesterday. During the May FOMC meeting, Fed chair Powell indicated that the US central bank’s latest interest-rate increase could be the last one, but stopped short of declaring victory in its battle against rapid price increases. Amid the current financial turmoil, swaps are pricing in almost 80 basis points rate cut this year, aiding bullion commodities.
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“On the economic data front, US weekly jobless claims rose to 242 thousand during the week ending 29th April, signaling softness in the Labour market. US Non-farm payrolls data will be in the spotlight for the day. Unemployment rate is expected to tick higher to 3.6%, while non-farm payrolls is expected to plunge to a 27 month low of 181 thousand,” said Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities.
Gold prices set for biggest weekly gain
“Gold price set for biggest weekly gain in nearly two-months, as hopes of a pause in the U.S. central bank’s interest rate hike cycle and banking worries bolstered the appeal of the safe-haven metal. The Fed raised rates by 25bps, but no longer said that it ‘anticipates’ further rate increases. The U.S. Federal Reserve on Wednesday signalled a likely pause in interest rate hikes, and along with inflation also raised concerns regarding growth. After SVB, Frist republic, PacWest Bancorp is exploring strategic options, including a potential sale or capital raise, after a liquidity boost it announced in March failed to inspire confidence in its ailing share price.
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The ECB slowed the pace of its rate increases on Thursday but signalled more tightening to come. After a positive private payroll data, market participants will now focus on the US non-farm payroll, unemployment rate and average-hourly earning data scheduled later today. Focus will also be on updates regarding US banking concerns and debt limit that is increasing distress in the market. Broader trend on COMEX could be in the range of $2040-2060 and on domestic front prices could hover in the range of Rs 61,100-62,000,” said Manav Modi, MOFSL.
