Gold Price Today, 15 June 2021: Gold below Rs 49,000 ahead of US Fed meet; analysts advise ‘sell on rise’

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June 15, 2021 10:11 AM

Gold Rate Today, Gold Price in India on 15 June 2021: Gold prices in India were struggling on Tuesday, as yellow metal in the international market steadied.

Gold Rate Today, Gold Price Today in IndiaGold prices traded near 4 weeks low yesterday hitting a low of 48105, as US bond yields rebounded ahead of key FOMC meeting

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were struggling on Tuesday, as yellow metal in the international market steadied. Investors awaited the US Federal Reserve meeting for further clarity on rising inflation and monetary policy going forward. On Multi Commodity Exchange, gold August futures were trading Rs 20 up, at 48,543 per 10 gram, as against the previous close of Rs 48,523 per 10 gram. Silver July futures, on the other hand, were down Rs 521 or 0.72 per cent at Rs 71,358 per kg. In the previous session, silver futures ended at Rs 71,879 per kg. Globally, spot gold was flat at $1,866.15 per ounce, after falling to its lowest since May 17 at $1,843.99 on Monday. U.S. gold futures edged 0.1% to $1,868.40 per ounce, according to Reuters.

Rahul Gupta, Head of Research, Emkay Global Financial Services

Gold prices traded near 4 weeks low yesterday hitting a low of 48105, as US bond yields rebounded ahead of key FOMC meeting scheduled on 16th June at 11:30 pm. All eyes will be on fed to provide further clarity on rising inflation and economic recovery. Volatility is likely to remain till the event is unfolded. Technically, MCX gold may witness a dip towards 48000 and consistent trading below this only next level is seen at 47500. On upside crucial resistance lies at 49000-49650-50000.

Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities

The Federal Reserve’s monetary policy meeting wraps up Wednesday. If the Fed decides to change its inflation statement – “is transitory stance” markets would be caught off guard. Hedge funds are starting to take some profit off the table as gold is struggling to sustain above $1900 level and this is the first time in six weeks that gold saw its net length drop. Gold’s net length currently stands at 107,664 contracts, down 2% from the previous week. While gold is losing some momentum, interest in silver is picking up as hedge funds reduced their bearish bets last week. Silver’s net length increased 4% from the previous week and first increase in four weeks. We expect gold to remain weak today till FOMC statement is not concluded and sell on rise is recommended near 48800 with expected downside target of 48200 and stoploss of 49100 in MCX. Any breach below Rs. 48000 will open floodgates till 47400.

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

COMEX gold trades marginally lower near $1864/oz after a 0.7% decline yesterday. Gold remains pressurized by recovery in US bond yields as market players position for Fed decision. ETF investors also moved to sidelines. However, supporting price is choppy equities, rising inflation concerns and persisting virus concerns. Gold has already corrected sharply in anticipation of Fed’s hawkish stance so we may see range bound and choppy trade ahead of the decision.

NS Ramaswamy, Head of Commodities, Ventura Securities

Technically MCX Gold Aug prices are looking weak for intraday. Over the past two weeks MCX GOLD price was trading in the sideways movement (48,200 to 49,700 levels). Soon we expect it to break out in the coming days. On the other hand, the Momentum indicator RSI has moved from an overbought zone to a neutral zone (Trading at 49.78 levels). The RSI indicator on the daily chart is suggesting strength in the momentum on the Downside. We expect it going to strong support at 48200 levels and breaking below which price can drag down towards 47,750 to 47,500 in the coming sessions.

(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.)

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