Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India fell on Tuesday, mirroring global trends ahead of the US Federal Reserve meeting. On Multi Commodity Exchange, gold October futures fell Rs 66 or 0.14 per cent to Rs 46212, as against the previous close of Rs 46278 per 10 grams. Silver December futures were trading at Rs 59645 per kg, up Rs 36. In the previous session, silver futures ended at Rs 59609 per kg. Globally, yellow metal prices were flat as investors adopted a risk-averse stance amid caution ahead of US Federal Reserve’s policy meeting where the central bank is expected to provide cues on when it will begin tapering its asset purchases, according to Reuters. Spot gold was steady at $1,763.60 per ounce, US gold futures were flat at $1,764.40.
Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers
MCX gold October future may advance on rising demand for haven assets amid concerns over the spillover effects of the debt crisis at developer China Evergrande Group and Beijing’s crackdown on the real-estate sector. Meanwhile, the Fed is likely to provide an outlook on how soon and how often they think the economy will need interest rates rises over the next three years when they release new forecasts at their policy meeting on Wednesday. MCX Gold October future may appreciate to Rs 46,450 per 10 gram.
Tapan Patel, Senior Analyst (Commodities), HDFC Securities
Gold prices traded steady with COMEX Spot gold prices held grounds above $1760 near $1763 per ounce in the morning trade. The yellow metal recovered from $1750 levels supported by the China real estate crisis with the fall of giant Evergrande. The two days US FOMC meeting will start today and market players will await any comments from FED officials to gauge FED tapering clues. The weak equity indices may limit downside in gold prices for the day. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1750 and resistance at$1775 per ounce. MCX Gold October support lies at Rs. 45900 and resistance at Rs. 46700 per 10 gram.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
Gold had already been under the hammer because of the strong US dollar which has risen in expectation of stimulus tapering and now Chinese property concern has given more strength to US dollar as investors are piling on safe haven assets including US dollar and Japanese Yen. Gold prices have recovered yesterday after worldwide equities saw sell-off on concerns of Chinese property group Evergrande’s solvency. At one time, Dow Jones was down 900 points before recovering but still ending in red by more than 1 and half percent down. The sell-off sparked a flight to safe-haven assets, but gains were capped by strength in the dollar ahead of the U.S. Federal Reserve’s policy meeting. Gold will find some more clear direction after tomorrow’s US Fed policy when there will be more certainty as to what actions Fed will take in regards to their current monthly asset purchases. There is mix signal regarding the economic condition of US as jobs data are disappointing but consumer spending rose far than expectation. We are expecting range bound movement today in MCX Gold (46500-45800) and recommending investors to stay light in their positions because of upcoming US Fed policy.
Amit khare, AVP- Research Commodities, Ganganagar Commodities
As per technical chart both metals are trading at oversold zone, which means any time we can see a good short covering rally in bullions. Momentum indicator RSI also indicating the same and creating a strong positive divergence in 4 hourly as well as daily chart, So traders are advised to create fresh buy positions in Gold and Silver, traders should focus important technical levels given below for the day:
October Gold Support: Rs 46000- 45800, Resistance: Rs 46550-46800.
December Silver Support: Rs 59000- 58000, Resistance: Rs 60150 – 60700.
Abhishek Chauhan, Head Commodities and Currency, Swastika Investmart
Prices of Gold and Silver have shown some pullback because of problems in the Chinese real estate sector but ahead of the FOMC meeting sideways move can be seen. Gold has support at 46600, which may give a bounce towards 46500 levels. However, the upside may remain limited due to strength in the Dollar index.
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