Gold Rate Today, Gold Price on 10 Nov 2022: Gold trades marginally up on MCX, buy on dips; investors eye US inflation data - Gold Price Forecast, Gold Price Outlook | The Financial Express

Gold price today, 10 Nov 2022: Gold trades marginally up on MCX, buy on dips; investors eye US inflation data

Gold Rate Today, Gold Price in India on 10 Nov 2022: Gold rates in India were trading in the positive territory on Thursday, even as the yellow metal prices remained steady in the global market

Gold price today, 10 Nov 2022: Gold trades marginally up on MCX, buy on dips; investors eye US inflation data
COMEX gold finally breached the psychological barrier of $1800, as traders accumulated long positions due to weakness in US dollar. (Image: Reuters)

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rates in India were trading in the positive territory on Thursday, even as the yellow metal prices remained steady in the global market. On Multi Commodity Exchange, gold December futures were up Rs 124 or 0.24 per cent to trade at Rs 51,630 per 10 gram. Silver December futures were ruling at Rs 61,394 per kg, down Rs 167 or 0.27 per cent on the MCX. Globally, yellow metal prices were steady as cautious investors held to the sidelines and awaited key U.S. inflation reports to gauge the size of the Federal Reserve’s future interest rate hikes, according to Reuters. Spot gold was flat at $1,705.77 per ounce. U.S. gold futures fell 0.3% to $1,709.20.

Jigar Trivedi, Senior Research Analyst – Currencies & Commodities, Reliance Securities

Comex gold is hovering around around $1,710 an ounce, near a one-month high hit in the previous session, as investors awaited a key US inflation report that could signal the size of the Fed’s interest rate hike in December. Markets are currently priced for a more moderate half percentage point Fed rate hike next month, but a hotter-than-anticipated inflation report could fuel bets for another supersized 75 basis point increase. The weakness in the yellow metal can be realised from the trend in the investment demand too. The holding of the largest gold backed ETF, SPDR Gold ETF, has dropped to 908 tonnes from 975 tonnes as on 31st December 2021. MCX Gold December futures are expected to advance to Rs 51,800 per 10  advance grams.

Bhavik Patel, Commodity/Currency analyst, Tradebulls Securities

Gold price continues to trade above $1700 as the turmoil in crypto markets have spilled over in safe haven buying of gold and silver. The US midterm election also proved everyone wrong where there is no Republican’s wave and the contest is close with Democrats. Today’s CPI data from the US will keep both gold and silver volatile but the market has anticipated some softness in inflation. Even if inflation comes higher than expected then gold will see a knee jerk reaction but will ultimately cover its losses. So buy on dips should be the strategy with stoploss of 51300 and target of 51800 in MCX.

Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services

Gold traded steady above the $1680 level as market participants remain cautious ahead of the key U.S. inflation report to gauge the pace of the Federal Reserve’s future interest rate hikes. Dollar index in the previous session gained some momentum  but continues to hover around their one and a half month lows; while U.S. Yields have been trading steady near 4% mark. Federal Reserve Bank of New York President John Williams in his speech mentioned the relative stability of longer-term inflation expectations while signaling some puzzlement over data showing a notable number of Americans expect an outright decline in price pressures at some point. The U.S. consumer price index which is scheduled later today could likely provide some cues on the Federal Reserve’s rate hike plan. There are exceptions of a deceleration in both the monthly and yearly core inflation to 0.5% and 6.5%, respectively. Lower Inflation data could suggest a slower pace of interest rate hike in the next policy meeting. Broader trend on COMEX could be in the range of $1680-1730 and on domestic front prices could hover in the range of Rs 51,100-51,900.

(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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First published on: 10-11-2022 at 13:35 IST