Gold price today: Precious metals regained momentum in Wednesday’s trade, as investors awaited the release of the minutes from the Federal Reserve’s most recent policy meeting, the US Core PCE number, and speeches by several Fed officials to gauge clues on US monetary policy.
After falling to a weak low in the previous trading session, the April futures contract on Comex rebounded $84 per troy ounce to a day’s high of $4,989 but remained below $5,000.
Overnight, gold prices fell nearly 3%, weighed down by a strong US dollar and easing geopolitical tensions.
The US Federal Reserve meeting minutes are due later today, while the Personal Consumption Expenditures (PCE) data, the Fed’s preferred inflation metric for December, is due on Friday.
The policy outlook remains clouded following stronger-than-expected labour market data and benign inflation readings last week. Markets currently expect the first interest rate cut in June, according to CME’s FedWatch Tool.
Chicago Fed President Austan Goolsbee on Tuesday signalled “several more” rate cuts this year if inflation resumes its decline to the 2% target, while Fed Governor Michael Barr said another rate cut could come further down the road.
On the geopolitical front, Iran and the US reached an understanding on Tuesday on “guiding principles” for nuclear talks.
Comex silver up $3
Silver prices were also trading higher, with the March silver contract on Comex gaining $3.4 per ounce to the day’s high of $76.93, recovering the majority of the $4.42 loss registered in the previous session.
Ponmudi R, CEO of Enrich Money, said COMEX Gold is trading near the $4,850–$5,100 zone following a sharp correction from recent highs above $5,500–$5,600. He said the broader uptrend remains intact, with the recent pullback appearing as healthy profit booking and price consolidation. Prices have slipped below key moving averages and are currently stabilising near those levels, indicating digestion of prior excesses.
According to Ponmudi, the strong buying interest is visible in the $4,500–$4,700 support band. He added that sustained stability above this zone could lay the foundation for renewed upside momentum. Ponmudi R noted a breakout above $5,100–$5,200 would open the path toward a retest of record highs.
On silver, he said COMEX Silver is trading near the $73–$80 zone after a steep correction from record highs above $121.While the broader bullish structure remains intact on higher timeframes, the sharp pullback has pushed prices below major moving averages, indicating short-term bearish pressure and an extended corrective phase.
He added that the strong buying interest is visible in the $65–$70 support band, aligned with prior swing lows and long-term trend support.
“A sustained hold above this base, followed by a recovery and close above $85–$92, could reignite upside momentum toward $95–$105 and potentially retest previous highs. The medium- to long-term outlook remains constructive, supported by steady industrial demand and structural supply constraints, despite elevated volatility,” Ponmudi further stated.
MCX gold recovers over ₹3,000; silver rallies ₹12,000
In the domestic market, April gold futures gained ₹3,029 per 10 grams to hit the day’s high earlier in the day after a two-day sell-off. The March silver contract also strengthened by ₹12,047 per kilogram to reach the day’s high of ₹2,40,830, fully recovering from the previous day’s slump of ₹11,108.
(With inputs from Reuters)
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