Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold and silver prices in India fell on Wednesday, even as yellow metal held above the key psychological level of $1,800. On Multi Commodity Exchange, gold October futures were down Rs 37 to Rs 47,223 per 10 gram, as against the previous close of Rs 47260. Silver December futures were ruling at Rs 63,419 per kg, down Rs 166. In the previous session, silver futures ended at Rs 63,585. Globally, yellow metal held above the key psychological level of $1,800 as the dollar and bond yields came under pressure after a tamer-than-expected rise in US inflation led to uncertainty on when the US central bank will begin tapering its asset purchases, according to Reuters. Spot gold was steady at $1,802.86 per ounce, after having hit a one-week peak of $1,808.50 in the previous session. US gold futures eased 0.2% to $1,803.80.
Tapan Patel, Senior Analyst (Commodities), HDFC Securities
Gold prices traded steady with COMEX Spot gold prices were trading near $1803 per ounce in the morning trade. Gold prices rose above $1800 per ounce after US CPI data came in line with expectations. The expected US CPI data will now fuel debate on FED tapering. The stronger dollar may cap upside in gold prices despite the break of the consolidation range above $1803 per ounce. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1790 and resistance at $1815 per ounce. MCX Gold October support lies at Rs. 46900 and resistance at Rs. 46500 per 10 gram.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities
COMEX gold trades marginally lower near $1805/oz after a 0.7% gain yesterday. Gold has paused near $1800/oz after yesterday’s gain but remains supported by choppiness in US dollar, renewed virus concerns, disappointing economic data from China, concerns about China’s regulatory crackdown and increased geopolitical tensions. ETF investors moved to sidelines after brief inflows earlier in the week. Gold may witness choppy trade along with US dollar however increasing challenges to the global economy and easing price pressure in US may keep prices supported.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
Gold managed to sustain above $1800 as US consumer inflation came below the forecast of 0.4%. The numbers pressured the US Dollar and investors reacted since low inflation eases the potential for the Federal Reserve to begin to taper its monthly asset purchases later rather than sooner. So gold hit one week high but market is still expecting some guidance from US Fed next week during their FOMC meet that when it will begin to taper their asset purchasing. Gold is expected to stuck in neutral range till FOMC meet is not concluded. US Monetary policy will continue to be an essential support for the yellow metal. Today buy on dips strategy should be used for expected move till 47500. Intraday support comes around 47000 in MCX.
Abhishek Chauhan, Head Commodities and Currency, Swastika Investmart
Comex gold is trading at its crucial resistance level of $1805-$1810 above these,it may move towards $1835. The weak US inflation data and increased covid cases led to the surge in gold prices in the last trading session. In MCX gold, it has resistance at 47500 and support at 46800.
Sandeep Matta, Founder TRADEIT, Investment Advisor
Gold pops above $1800/oz after the release of consumer Price Index which clearly indicates that the inflationary pressures are still looming in the economy and maybe it’s the right time to sit either on cash or invest in the safe haven. The technical setup for the gold is bullish while current resistance resides first at $1809 and secondly at $1815.70 which is gold’s 100-day moving average. Gold on CMX has also reentered into bullish setup after yesterday’s move however outlook is stable and rangebound today.
Key level for GOLD – 47067
Buy Zone Above – 47100 for the target of 47513-47767
Sell Zone Below – 47050 for the target of 46813-46690
(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.)