Gold Price Today, 11 Nov: Yellow metal prices gain, analysts advise to wait for correction for fresh buying

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November 11, 2021 10:39 AM

Gold Rate Today, Gold Price in India on 11 November 2021: Gold prices were trading higher in India on Thursday, even as yellow metal prices traded flat globally.

Gold Rate Today, Gold Price Today in IndiaGold has witnessed a sharp rally in last few sessions and the price is holding near $1850/oz level indicating upward momentum. Image: Reuters

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading higher in India on Thursday, even as yellow metal prices traded flat globally. On Multi Commodity Exchange, gold December futures were trading Rs 127 or 0.26 per cent up at Rs 48,981 per 10 gram, against the previous close of Rs 48,854. Silver December futures were ruling Rs 76 or 0.12 per cent up at Rs 65,954 per kg. In the last session, silver ended at Rs 65,878 per kg. Internationally, gold prices were flat after a surge in U.S. consumer prices drove the metal, seen as an inflation hedge, to a five-month peak in the previous session, according to Reuters. Spot gold was little changed at $1,850.00 per ounce, after hitting its highest since June 15. US gold futures gained 0.2% to $1,852.00.

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

COMEX gold trades mixed near $1850/oz after a 1% gain yesterday when it tested June highs. Gold rallied sharply as US inflation data fueled growth worries and increased gold’s appeal as an inflation hedge. Gold however pared gains as rising inflationary pressure also boosted expectations that Fed may be forced to tighten monetary policy soon and this pushed US dollar index to July 2020 highs and bond yields higher. Gold has witnessed a sharp rally in last few sessions and the price is holding near $1850/oz level indicating upward momentum.

Ravi Singh, Vice President & Head of Research, Share India Securities

U.S. consumer prices jumped 6.2% on an annual basis in October – the highest since 1990. On account of the data, gold jumped nearly $40 in Comex and touched the level of 49000 in MCX. Fed Officials already quoted that if inflation keeps rising at its current pace then a more aggressive policy response may be adopted. Taking cue from this, Gold prices have recovered losses and expected to remain in the same trend for few more days.

Buy Zone Around – 48800 for the target of 49300
Sell Zone Below – 48600 for the target of 48300

Amit Khare, AVP- Research Commodities, Ganganagar Commodity

As per technical chart at current prices both metals are looking risky for fresh buying, Momentum indicator RSI also indicating the same on daily chart, So traders are advised to book their longs and should wait for fresh buying in good correction, traders should focus important technical levels given below for the day :

December Gold Support: Rs 48500 – 48200, Resistance: Rs 49160 – 49500
December Silver Support: Rs 65200 – 64400, Resistance: Rs 66600 – 67270

Abhishek Chauhan, Head of Commodity & Currency, Swastika Investmart

Comex Gold managed to sustain above $1830 touching another resistance level of $1870 where it has the support of $1830 and is expected to see a profit booking at higher levels.
Gold and Silver prices soared yesterday as CPI MoM data rose to 0.6% ramping up the demand for a safe haven. FED has reiterated not to increase the interest rate in the near term as it assume inflation is increasing for a short-term period. However, Dollar which moves opposite to Gold prices also rose to 0.60% yesterday in hope of a rate hike sooner than forecasted. In MCX, Gold has resistance at 49400 and RSI also shows an overbought level on the hourly chart. Profit booking is expected in Gold and it may test 48770 support levels.

(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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