Gold Price Today, 15 Nov 2021: Gold may fall to Rs 49100, silver to Rs 66500 in intraday on weak global cues

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November 15, 2021 10:31 AM

Gold Rate Today, Gold Price in India on 15 November 2021: Gold prices were trading weak in India on Monday, as yellow metal eased globally on a firm dollar.

Gold Rate Today, Gold Price Today in IndiaGlobally, yellow metal prices edged up as the dollar eased and US bond yields retreated from a three-week high,

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading weak in India on Monday, as yellow metal eased globally on a firm dollar. On Multi Commodity Exchange, gold December futures fell Rs 135 or 0.27 per cent to Rs 49,179 per 10 gram, as against the previous close of Rs 49,314. Silver December futures were ruling at Rs 66,534 per kg, tumbling Rs 610 or 0.91 per cent. Globally, yellow metal eased on Monday, pulling back from a more than five-month peak hit in the last session, as a firm dollar dimmed its appeal, according to Reuters. Spot gold fell 0.3% to $1,857.96 per ounce, while US gold futures dropped 0.4% to $1,860.50 per ounce.

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

COMEX gold trades modestly lower near $1863/oz after a 0.2% gain yesterday. Gold has tested June highs but is struggling to build momentum as support from increased demand as an inflation hedge and choppiness in equities is countered by firmness in US dollar index, fear of Fed’s monetary tightening and weaker investor interest. Gold has stalled near $1870/oz level and unless there are fresh triggers, price may remain choppy . Dips might attract buying.

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

In past weeks we have seen higher volatility in Gold prices due to improved macro indicators, stronger US dollar, expectation of early Fed bond tapering and higher US Treasury yields. However, the arising challenges in the stable recovery of global economies and the demand in festival season has somehow maintained the up thrust in safe haven appeal and pushed gold to higher levels. We advice Investors to take fresh buy position in Gold MCX on dips.

Buy Zone Near – 49000 for the target of 49500
Sell Zone Below – 48800 for the target of 48500

Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers

Gold prices rose on Friday and posted their best week in six months, finishing the week with more than 2.5% or $47.4 gains, with bullion’s appeal as an inflation hedge burnished by a surge in U.S. consumer prices. The dollar turned red on Friday after the University of Michigan survey showed a plunge in U.S. consumer sentiment in early November to its lowest level in a decade as surging inflation cut into households’ living standards, with few believing policymakers are doing enough to mitigate the issue. Last week, MCX Gold December has appreciated by more than 2.8% or Rs. 1,342 and MCX Silver December future has gone up by 4.4% or Rs. 2,812. Hence we don’t rule out the possibility of technical pull back in the bullish commodities. The yellow metal may continue its recent uptrend as concerns about higher inflation persist. Gold’s popularity has been boosted by rising inflation and investors have turned to it like an old friend in time of need. We expect MCX Gold December to cool down to Rs. 49,100 per 10 gram during the intraday. Amid weakness in the industrial metal space, silver is also expected to decline to Rs. 66,500 per kg.

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