Gold Price Today, 18 August 2021: Gold prices surge higher as COVID Delta variant continues to worry

By: |
August 18, 2021 10:07 AM

Gold Rate Today, Gold Price in India on 18 August 2021: Gold prices were trading higher in India on Wednesday, mirroring global trends.

Gold Rate Today, Gold Price Today in IndiaThe market is closely monitoring any hints on when the Fed could start paring their $120 billion a month in bond buying. Image: Reuters

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading higher in India on Wednesday, mirroring global trends as escalating concerns over the economic fallout from the spread of the coronavirus’ Delta variant dented sentiment towards riskier assets, lifting bullion’s appeal. On Multi Commodity Exchange, gold October futures were trading Rs 90 or 0.19 per cent up at Rs 47,370 per 10 gram, as against the previous close of Rs 47,280. Silver September futures were ruling at Rs 63,420 per kg, up Rs 194 or 0.31 per cent. In the previous session, silver futures ended at Rs 63,226 per kg. Globally, Spot gold rose 0.3 per cent to $1,791.67 per ounce, hovering below a more than one-week high of 1,795.25 hit on Tuesday, according to Reuters. US gold futures were up 0.3% to $1,793.30.

Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities

Gold yesterday saw some profit booking and selling pressure after the US Fed chairman hinted that they are putting away emergency tools although gold staged a comeback and had returned back to $1790 but $1800 still remains elusive. The market is closely monitoring any hints on when the Fed could start paring their $120 billion a month in bond buying. We believe the market will wait for today’s FOMC meetings before committing for positional long positions. The tapering of bond buying is the sword that is hanging on bulls head. That is why we have not seen bulls unable to take gold prices above $1800. In short term, trend still is bullish till $1750 is not breached on the downside. For intraday, one can go long at any dips with stoploss of 47000 and expected target of 47500 in MCX.

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

COMEX gold trades marginally higher near $1790/oz after a 0.1% decline yesterday. Gold is choppy amid mixed US economic data and mixed comments from Fed officials which have added to uncertainty about Fed’s monetary policy. Support from safe haven buying amid rising virus cases, slowdown in China and geopolitical tensions relating to Afghanistan is countered by weaker investor interest amid continuing strength in equities. Gold may remain choppy amid uncertainty about Fed’s monetary policy however increasing global uncertainty may keep prices supported.

Sandeep Matta, Founder TRADEIT, Investment Advisor

The price of precious metal remains supported and traded within the narrow range with bullish sentiments. The delta variant of Covid has started impacting major economies however gold prices are expected to be driven by dollar performance and fed announcements in the near term. Technically bulls have some near-term advantage and closing above $1800/oz will add incremental traction in the safe haven. Gold on MCX throughout the day traded with positive sentiments however saw some profit booking around 47500 levels and closed almost unchanged. The outlook for today is positive while we anticipate that gold is moving towards 48500-49000 level in near term.

Key level for GOLD AUG Contract – 47337
Buy Zone Above – 47340 for the target of 47492-47700
Sell Zone Below – 47300 for the target of 47126-46971

(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.)

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Gold price slips on strong dollar; bullion rates expected to trade sideways this week
2Mandi prices way below MSPs as summer crops set to arrive
3Petrol, diesel prices may rise as international oil rates surge