Gold Rate Today, Gold Price in India on 23 September 2021: Gold prices tumbled in India on Thursday, on weak global cues as the US Federal Reserve signalled a quicker-than-expected rate hike.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices tumbled in India on Thursday, on weak global cues as the US Federal Reserve signalled a quicker-than-expected rate hike. On Multi Commodity Exchange, gold December futures were trading Rs 365 or 0.78 per cent down at Rs 46,452 per 10 gram, against the previous close of Rs 46,817. Silver December futures plunged Rs 655 or 1.07 per cent to Rs 60,525 per kg. In the previous session, silver ended at Rs 61,180. Globally, gold prices fell after the US Fed hinted at easing its monthly bond purchases by next year and a sooner-than-expected interest rate hike, which could increase the opportunity cost of holding the non-yielding bullion, according to Reuters. Spot gold was down 0.3 per cent at $1,762.33 per ounce, while US gold futures slipped 0.9 per cent to $1,762.10.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
- Gold Price Today, 26 October 2021: MCX Gold falls on weak global cues; may continue to trade choppy
- Gold prices to trade sideways, support at 47200, silver outperforms yellow metal; watch out for these levels
- No major up move in Gold next week, may underperform Silver in short term; charts show bullish trend in Silver
Gold market saw its morning gains reversed as the US Fed chairman talked about tapering their asset purchasing program with the market interpreted Powell’s comments as upbeat when it came to the US economy. Powell stated that it would be gradual tapering which would conclude in the middle of next year which prompted equity stocks to move higher along with US dollar inching at day’s high. Chinese real estate company Evergrande’s contagion seems to be in control for the time being which also is negative for gold. In MCX, gold got some cushion from weak Indian rupee however the trend will be more negative if gold goes below $1750. We would recommend to let gold stabilize after the Fed event and wait for gold to show some direction before taking any positional trade. Intraday gold has support near 46100.
Tapan Patel, Senior Analyst (Commodities), HDFC Securities
Gold prices traded weak on Thursday with COMEX Spot gold prices were trading 0.23% down near $1763 per ounce in the morning trade. Gold prices corrected paring gains after rising to $1785 on US FED comments. The US Federal Reserve signalled ending of the bind buying program in November and possible rate hike by the end of 2022. The dollar index and bind yields were up pressuring gold prices with higher projections of GDP growth. The China property crisis may lend some support as investors may warry over economic growth and US FED balance sheet. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1750 and resistance at $1775 per ounce. MCX Gold October support lies at Rs. 46100 and resistance at Rs. 46800 per 10 gram.
Abhishek Chauhan, Head Commodities and Currency, Swastika Investmart
COMEX Gold prices slipped from higher levels after the Fed signaled to taper the bond-buying and to raise interest rates by late 2022 where it has immediate support at $1755 facing resistance at $1775. In MCX gold opened at its support level, if it manages to hold at current levels then it may test the levels of 46700 otherwise 46200 may be seen later in the day.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities
COMEX gold trades about 1% lower near $1762/oz after a near flat close yesterday. Weighing on gold price is firmness in US dollar following Fed decision as central bank projections showed higher possibility of rate hike next year. Also weighing on gold price is stability in equity markets amid easing worries about China. ETF investors also moved to sidelines. Gold may remain under pressure on Fed’s rate hike projections however lack of any immediate steps towards bond tapering could limit the downside.
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