Gold Price Today, 29 September 2021: Gold nears 7-week low; likely to trade in Rs 45700-46200 range

Gold market is struggling after Yellen’s comments on debt ceiling as U.S. Treasury yields climbed to three-month highs. Image: Reuters

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading flat with some positive bias on Wednesday, as global rates languished near a seven-week low. On Multi Commodity Exchange, gold December futures were trading Rs 19 up at Rs 45,959 per 10 gram, as against the previous close of Rs 45,956. Silver December futures were trading Rs 112 down at Rs 60,351 per kg. Globally, yellow metal was pressured by a rise in the dollar and US Treasury yields on growing expectations of an earlier-than-anticipated interest rate liftoff. Spot gold was flat at $1,735.17 per ounce. On Tuesday prices fell to their lowest level since Aug. 11 to $1,726.19. US gold futures were little changed at $1,735.90, according to Reuters.

Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities

Gold market is struggling after Yellen’s comments on the debt ceiling as the U.S. Treasury yields climbed to three-month highs. Powell’s confirmation of tapering from November till middle of the next year in front of congress also put pressure on gold prices. Gold prices have been lower for four straight weeks. Prices have also breached the support of $1750 and expect them to remain under pressure. MCX Gold has some support in the form of weak Indian Rupee so expect some cushion around 45600. Today’s range is expected to be 45700-46200.

Amit khare, AVP- Research Commodities, Ganganagar Commodity

Technically, December gold futures bears have the firm overall near-term technical advantage. A three-week-old price downtrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at last week’s high of $1,788.40. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,700.00. First resistance is seen at $1,750.00 and then at this week’s high of $1,760.90. First support is seen at today’s low of $1,727.80 and then at $1,715.00.

Yesterday we have seen some bottom buying in Gold and Silver, Which may continue for next few trading sessions, Both metals are trading at oversold zone, Momentum indicator RSI also indicating the same and creating a strong positive divergence in 4 hourly as well as daily chart, Which means any time we can see a good short-covering rally in both metals, So traders are advised to create fresh long positions in Gold and Silver in small dips, traders should focus important technical levels given below for the day.

October Gold Support: Rs 45650-45500, Resistance: Rs 46100- 46380

December Silver Support: Rs 59800- 59300, Resistance: Rs 61100- 61700.

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities

COMEX gold trades little changed near $1736/oz after a 0.8% decline yesterday when it tested 7-week low. Weighing on gold price is firmness in US dollar, increased expectations of Fed’s monetary tightening and continuing ETF outflows. However, supporting prices are increasing challenges to the global economy amid rising inflationary pressure, concerns about the health of the Chinese economy and mixed economic data from major economies and political wrangling over US debt ceiling limit. Gold has tested fresh lows indicating weaker sentiment however global risk aversion may keep a floor to prices.

(The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)

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