Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading weak in India on Tuesday, mirroring international trends on a stronger dollar. On Multi Commodity Exchange, gold October futures were trading Rs 34 down at Rs 46,874 per 10 gram, as against the previous close of Rs 46,908. Silver December futures were ruling at Rs 63,130 per kg, down Rs 169. It closed at Rs 63,299 in the previous session. Globally, yellow metal prices edged lower as a stronger dollar crimped bullion’s appeal ahead of US inflation data that could offer cues on the possible timeline for the Federal Reserve’s tapering. Spot gold fell 0.2 per cent to $1,790.74 per ounce. US gold futures eased 0.1 per cent to $1,792.10.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
The bullish trend in Gold will come under threat once gold breaches $1765. Today’s US inflation data is important at 6 PM as two key data that US Fed rely on to guide the decision on its current monetary policy are the employment numbers, as well as inflationary data. Employment numbers came disappointing due to covid and today if inflation came low then we may see some more downside in gold prices. The saving grace for gold is sell off in equity markets. Valuations of equity market are getting extreme as there is a risk of a market correction since stock valuations have risen to around 21 times earnings.
Gold will remain range-bound unless it can rise above $1,830 an ounce or drop below $1,765 an ounce. There is a lid on the gold market right now, partly because of the Federal Reserve tapering expectations.We remain neutral in gold till it is trading in range of $1765-$1830. In MCX, 46500 is the level that if it breaks, then gold may turn bearish. Right now it is trading near its support range and right now fundamentals are not in favour of gold. Sept has been historically a strong month for gold but this year due to the pandemic, there is not going to be strong demand for physical gold for weddings.
NS Ramaswamy, Head of Commodities, Ventura Securities
Technically, MCX Gold Oct prices are going to trade in the consolidation range for intraday. On the upside, MCX gold price is facing a strong resistance zone at 100 day and 200-day moving (47,700 levels) and on the downside, it will going to take strong support at 46,700.over the past three week period, MCX Gold price was trading in the tight range of 47,700 to 46,700 levels and we expect next leg of movement will resume only after breaking above/below this level. On the Comex font, currently, it will be going to trade in the range of $1840/ounce to $1775/ounce levels for the next few days
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities
COMEX gold trades little changed near $1793/oz after a 0.1% gain yesterday. Gold paused after recent losses as the US dollar came to a halt after testing 2-week high. Correction in bond yields and some ETF inflows also lent support. Also supporting gold price is rising inflation concerns, persisting virus risks, China’s regulatory crackdown measures and increasing geopolitical tensions. Gold may remain choppy ahead of inflation data however a reading in line with or lower than expectations may ease worries about Fed’s tightening and lend support to gold prices
Abhishek Chauhan, Head Commodities and Currency, Swastika Investmart
Comex gold is trading in the range of $1805-$1780 making it important resistance and support levels respectively, either side move can only be seen above or below it. US Inflation data could be the key trigger for Gold & Silver prices where MCX Gold has resistance at 47200 and support at 46700.
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