Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were firm in India on Friday, even as global rates remained flat. Moreover, MCX gold prices look set for the second straight weekly fall. On Multi Commodity Exchange, gold October futures were trading Rs 69 or 0.15 per cent up at Rs 46,432 per 10 gram, as against the last close of Rs 46,363. Silver September futures were ruling at Rs 62,004 per kg, up Rs 149 or 0.24 per cent. In the previous session, silver futures ended at Rs 61,860 per kg. Globally, the yellow metal was flat in early Asian trade, as a firm dollar offset ease in early-tapering bets, although the precious metal was headed for a second consecutive weekly decline. Spot gold was unchanged at $1,752.78 per ounce. It is down 0.5 per cent so far for the week, according to Reuters. US gold futures were up 0.2% to $1,754.40.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities
COMEX gold trades modestly higher near $1756/oz after a 0.1% decline yesterday. Gold inched up amid choppiness in US dollar post recent gains as mixed inflation readings has added to uncertainty about Fed’s monetary tightening. Also supporting prices are rising virus cases and concerns about the health of Chinese economy. However, weighing on price is firmness in equities and lack of ETF investor buying. Gold may consolidate however Fed’s monetary tightening debate may keep pressure on prices.
Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers
London spot Gold ended almost flat at $1,752 an ounce with a marginal gain of a dollar, as a firm dollar offset ease in early-tapering bets, although the precious metal was headed for a second consecutive weekly decline. Meanwhile, Americans filing claims for unemployment benefits fell again last week (actual 375K vs forecast 375K vs prv week 386K) as the economic recovery continues to be bumpy, a separate Labor Department report showed on Thursday. Gold is likely to experience a rebound amid a mild weakness in the US dollar. In the absence of any major economic data, the key focus will shift to minutes of the FOMC’s last meeting, scheduled to release on 18th August, next Wednesday. MCX Gold October may appreciate to Rs. 46, 650 – 46,750 per 10 gram.
Amit Khare, AVP, Ganga Nagar Commodities
Today on the Multi-Commodity Exchange (MCX), October gold gave a positive opening of 89 points(+0.19%) and trading at 46451 per 10 grams, We have seen huge profit booking in MCX Gold in last 6 trading sessions due to last Friday’s surprisingly strong U.S. jobs report that pushed the U.S. stock indexes to or near their record highs, rallied the U.S. dollar index, pushed the U.S. Treasury yields up (prices down)—all bearish elements for the metals.
Currently Gold is trying to recover and giving positive closing since last 2 trading sessions. Gold is making bottom and trading at oversold zone, Momentum indicator RSI also giving strong positive divergence in four hourly as well as hourly chart, So traders are advised to create long positions for short term in Gold, traders should also focus important technical levels given below for the day
August Gold closing price 46363, Support: 46100- 45850, Resistance: 46600 – 46850.
September Silver closing price 61860, Support: 61200 – 60600, Resistance: 62500 – 63125.
(The views in this story are expressed by the respective experts of research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)