Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading higher in India on Thursday, even as global prices remained steady. On Multi Commodity Exchange, gold February futures were ruling Rs 112 or 0.23 per cent up at Rs 48,311 per 10 grams, as against the previous close of Rs 48,199. Silver March futures were trading at Rs 62,463 per kg, up Rs 275 or 0.44 per cent on MCX. In the previous session, silver futures ended at Rs 62,188 per kg. Internationally, yellow metal prices held steady, as a weaker dollar offset renewed risk appetite fuelled by an encouraging Omicron study and increased optimism around the global economic outlook, according to Reuters. Spot gold was little changed at $1,806.85 per ounce. US gold futures were up 0.3 per cent at $1,808.20.
Tapan Patel, Senior Analyst — Commodities, HDFC Securities
Gold prices traded higher on Thursday with spot gold prices traded near $1806 per ounce in the morning trade. MCX Gold February contract opened higher trading near Rs. 48305 per 10 gram following global cues. Gold prices rallied by a weaker dollar and fall in US bond yields ahead of the Christmas holiday. The surging worries over omicron virus spreading has also kept risk premiums high in gold prices.
We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1790 per ounce and resistance at $1833 per ounce. MCX Gold February support lies at Rs. 47900 and resistance at Rs. 48500 per 10 gram.
Bhavik Patel, Commodity/Currency Analyst, Tradebulls Securities
Both gold and silver witnessed gains yesterday resulting from a combination of dollar weakness and continued fears regarding the economic effect of the Covid-19 variant omicron. Gold managed to surpass $1800 in COMEX but remains to be seen if it could sustain above that level. With the holiday season underway, we would expect to see light volume and the choppy market as we get closer to the beginning of the Christmas holiday season commencing. Even improving US consumer sentiment had little impact on gold prices. Gold market also saw little reaction after the final estimate of third quarter GDP came better than previously estimated. We expect gold to trade with bullish bias today with resistance around 48500 and support 47970.
Ravi Singh, Vice President & Head of Research, ShareIndia Securities
Gold prices are trading steady on weaker dollar and US Treasury yields due to the rising fear of an Omicron outbreak. The demand in gold during this season has also fueled the rally. The safe haven appeal against the rising inflation and the uncertainty over the Omicron is keeping Gold in its bullish zone.
Buy Zone Near – 48200 for the target of 48500
Sell Zone Below – 48000 for the target of 47800
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