Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading lower in India on Thursday, as global rates remained steady. On Multi Commodity Exchange, gold October futures were trading Rs 85 down at Rs 46,811 per gram, against the previous close of Rs 46,896. While silver December futures were ruling at Rs 63,428 per kg, up Rs 135. In the previous session, silver futures ended at Rs 63,293 per kg. Globally, yellow metal prices were steady as investors awaited signals on the Federal Reserve’s timeline for tapering pandemic-era stimulus measures, after softer-than-expected US inflation data fuelled some uncertainty. Spot gold was little changed at $1,792.86 per ounce. Prices fell 0.6% on Wednesday, its biggest one-day decline in a week as US Treasury yields ticked higher. US gold futures were flat at $1,795, according to Reuters.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
Gold failed to hold a key psychological level of $1800. There weren’t any headlines that could prompt gold prices to retreat so we can say the pullback is merely mild profit booking as investors who took a long position after lower than expected US CPI failed to capitalize on the upside momentum. Gold was looking tired as buyers failed to keep prices sustained above the 800 points move from 46620 to 47320 that came after US inflation data got published. Risk to the downside for gold is also limited since the slowdown in inflation thereby reduces the pace with which tapering can be carried out. One thing that is clear is that traders and market participants are waiting for further information from the Federal Reserve when the FOMC meeting concludes on 22nd Sept. Up until that point, we could see gold trade sideways and consolidate in the range of 46500-47500.
Tapan Patel, Senior Analyst (Commodities), HDFC Securities
Gold prices traded steady on Thursday with COMEX Spot gold prices were trading near $1794 per ounce in the morning trade. Gold prices fell below $1800 per ounce on Wednesday with rally in US bond yields. The strong empire manufacturing data pushed US 10 year yields 2.1% up pushing gold prices down. The strong economic data ahead of FED meeting next week is raising speculation amongst the investors over early FED tapering. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1775 and resistance at $1810 per ounce. MCX Gold October support lies at Rs. 46700 and resistance at Rs. 47200 per 10 gram.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities
COMEX gold trades marginally higher near $1796/oz after a 0.7% decline yesterday. Supporting gold price is weakness in the US dollar, concerns about the health of the Chinese economy, geopolitical tensions and persisting virus risks. However, weighing on price is weaker investor interest, stability in equity markets and continuing debate about Fed’s monetary tightening. Gold may remain choppy near $1800/oz as market players remain non-committal ahead of the Fed meeting next week however challenges for the global economy may keep prices supported.
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 front, currently, it will be going to trade in the range of $1840/ounce to $1775/ounce levels for the next few days.
Over the past three trading sessions, MCX Silver prices are trading in the consolidation range of 62,400 to 63,800 levels. Soon it going to break on either side direction in the coming days. However, The RSI and Moving average indicators suggest that more weakness can be expected in the silver prices if it breaks below the key support level of 62400 and price may retest the previous low of 61,721 levels for the short term period.
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