Gold Price Today, 16 July 2021: MCX gold set for 4th straight weekly gain, jumps 4% in one month

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July 16, 2021 10:02 AM

Gold Rate Today, Gold Price in India on 16 July 2021: Gold prices in India were set for fourth straight weekly gain on Friday, mirroring the international trends.

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Gold Price Outlook, Gold Price Forecast: Gold prices in India were set for fourth straight weekly gain on Friday, mirroring the international trends. MCX gold has added nearly 4 per cent in the last four weeks. On Multi Commodity Exchange, gold August futures were trading Rs 33 down at Rs 48,367 per 10 grams, as against the previous close of Rs 48,400. So far this week, it has gained one per cent. Silver September futures were ruling at Rs 69,842 per kg, up Rs 161 or 0.23 per cent. Globally, yellow metal prices were headed for the fourth consecutive weekly gain, as investors took comfort from Federal Reserve Chair Jerome Powell’s stance that the U.S. central bank would continue to support the economy and inflation will be transitory, according to Reuters. Spot gold was flat at $1,829.14 per ounce, but gained 1.2 per cent so far this week. US gold futures edged up 0.1 per cent to $1,830.30.

Rahul Gupta, Head of Research-Currency, Emkay Global Financial Services

MCX Gold prices continued to move higher and the counter hit a high of 48501 on Thursday. Prices closed at 48400 with marginal gains. Intraday strength above 48500 levels on a consistent basis will trigger further upside towards 48645/48730 levels. Areas around 48240-48150 are support on dips. Any meaningful reversal will be triggered only if prices break below 48150 levels consistently. Overall the traders are struggling for a clear direction, while edging higher, amid indecision over the Federal Reserve’s next moves and mixed data. Traders will look for US retail sales data and consumer confidence for any reading on inflation and the strength of the recovery. But overall, as long as prices are trading above 47500, every dip is a buying opportunity for long term with target of 48750. A constant trading above 48750, will push MCX gold to 49400-49700.

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

COMEX gold trades marginally lower near $1827/oz. after a 0.2% rise in previous session. Gold rose as high as $1833.1/oz. in intraday trade yesterday, the highest level since mid-June. Gold rose in intraday trade yesterday amid weaker US Dollar and softening US 10 yr. bond yields as uncertainty on Fed’s stance on tapering bond purchases weigh. U.S. Treasury yields continued its slide as it fell to one-week lows as Federal Reserve Chair Jerome Powell in his testimony before Congress, for the second day, maintained that rising inflation is likely to be transitory and that the U.S. central bank would continue to support the economy. Although the general bias is on the upside one has to be cautious as any uptick in dollar might pressurize gold.

Amit Khare, AVP- Research Commodities, Ganganagar Commodities

Technically MCX Gold is trading near an important psychological resistance level of 49000, fresh buying will be seen only above 49000, yesterday Gold made a high of 48501 and then made a low of 48160. Technically one big profit booking is pending as per daily as well as hourly chart., So traders are advise create short position in Gold and Silver near resistance levels, traders should also focus important technical levels given below for the day:

August Gold Support: Rs 48200- 47900, Resistance: Rs 48600-49000.
September Silver support: Rs 69400- 69000, Resistance: Rs 70000-70500.

Sandeep Matta, Founder, TRADEIT Investment Advisor

Gold is witnessing follow up buying during the day and trading near to its 100 DEMA level in basis Fed chair’s statement that rising inflation pressures are transitory. The yellow metal is entering into a seasonal demand period and will try to find fundamental support in a low interest scenario. Gold prices will find new momentum and speculative interest once it starts closing above $1835 an ounce mark. Gold on MCX is also trading positive and eyeing to cross 48500 level. The sentiments are bullish however we advise new entrants to wait for some correction before making a fresh entry. Existing market participants should trail their stop loss and/or must have some hedging against their buying position.

Key level for GOLD AUG Contract – 48354
Buy Zone Above – 48360 for the target of 48510-48625
Sell Zone Below – 48350 for the target of 48225-48175

(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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