Gold Price Today, 17 Nov: Gold likely to rebound after yesterday’s loss, may rise to Rs 49,300 per 10 gm

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November 17, 2021 9:33 AM

Gold Rate Today, Gold Price in India on 17 November 2021: Gold prices were trading marginally up in India on Wednesday, following international trends.

Gold Rate Today, Gold Price Today in IndiaGlobally, gold prices inched higher but hovered around a recent low, after a jump in US retail sales kept the dollar close to a 16-month high. Image: Reuters

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading marginally up in India on Wednesday, following international trends. On Multi Commodity Exchange, gold December futures were trading Rs 32 up at Rs 49,070 per 10 grams. Silver December futures were ruling at Rs 66,384 per kg, up Rs 150, as against the previous close of Rs 66,234 per kg. Globally, gold prices inched higher but hovered around a recent low, after a jump in US retail sales kept the dollar close to a 16-month high, according to Reuters. Spot gold rose 0.2% to $1,854.39 per ounce, while US gold futures gained 0.2% to $1,857.10.

Tapan Patel, Senior Analyst Commodities, HDFC Securities

Gold prices are trading marginal up on Wednesday with spot gold prices at COMEX were trading near $1853 per ounce after falling below $1850 per ounce in previous session. Gold prices declined from $1877 per ounce following strong US retail sales data. The surge in US bond yields also pressured prices to trade weak. However, the inflation worries continued to support gold prices capping downside near $1855 per ounce. The US 10 year treasury yields rose to 1.63% while the dollar index was trading firm near 95.92 mark in the morning trade. We expect gold prices to trade sideways to down for the day after initial recovery with support at $1845 and resistance at $1870 per ounce. MCX Gold December support lies at Rs. 48900 and resistance at Rs. 49400 per 10 gram.

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

COMEX gold trades marginally higher near $1855/oz after a 0.7% decline yesterday. Gold jumped to fresh June highs yesterday but failed to sustain and ended lower. Gold’s is struggling to build on recent momentum amid increased debate about Fed’s monetary tightening amid some upbeat economic data and mixed comments from central banks. However, supporting price is rising inflation concerns, geopolitical tensions and renewed virus concerns. Gold’s sharp rise has made it vulnerable to profit taking and we may see some correction if US dollar manages to hold firm.

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

We expect gold to rebound after yesterday’s decline. Yesterday, gold fell after a Federal Reserve official said the central bank should speed up its reduction of monetary stimulus in response to surging inflation. St. Louis Fed President James Bullard said Tuesday that the U.S. central bank should be more aggressive in managing risks from price pressures. MCX Gold December may rise to Rs. 49,300 per 10 gram.

Abhishek Chauhan, Head of Commodity & Currency, Swastika Investmart

Comex gold failed to sustain at its resistance level of $1870-$1880
as prices of precious metals are looking overbought for a short-term period and correction is likely to be due in the near term. In MCX, Gold is unable to sustain above 49400. RSI on the hourly chart is giving negative divergence. Gold has support at 49000 if it breaks we may see some more downside move.

(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.)

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