Gold Price Today, 24 Aug 2021: MCX Gold falls, mirror global trends; rates over 47600 will lead rally to 48000

Gold Rate Today, Gold Price in India on 24 August 2021: Gold prices in India fell on Tuesday, mirroring the global trends

Gold Rate Today, Gold Price Today in India
Breaking above 47,600 level on hourly closing basis we expect prices to head towards 48,000 level.

Gold Rate Today, Gold Price Today in India: Gold prices in India fell on Tuesday, mirroring the global trends. On Multi Commodity Exchange, gold October futures were trading Rs 100 or 0.21 per cent down at Rs 47,485 per 10 gram, as against the previous close of Rs 47,584. Silver September futures fell Rs 147 or 0.23 per cent to Rs 62,780 per kg. In the previous session, silver futures closed at Rs 62,927 per kg. Globally, spot gold eased 0.2% to $1,801.78 per ounce, having jumped about 1.4 per cent in the previous session. US gold futures were little changed at $1,804.90.

Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities

Gold finally managed to break $1800 yesterday after the disappointing U.S. Manufacturing Purchasing Managers Index weakened the US Dollar. Hedge funds have also exited their short positions and increased their long positions ahead of Jackson Hole summit this week. Enthusiasm toward gold has grown by Hedge funds and retail participants due to doubts that the US central bank will take convincing actions to reduce its asset purchase program as the economy faces pressure from the fourth Covid wave. Gold’s net long position stands 66% up from previous week. In MCX, because of the strong rupee, we might not see gold jumping as much as in COMEX but the trend still remains positive and traders should adapt buy on dips strategy. Rs. 47700-47800 will be resistance for today while support comes in vicinity of Rs. 47150-47000.

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

COMEX gold trades marginally lower near $1805/oz after a 1.3% gain yesterday. Gold steadied as the US dollar index paused after yesterday’s decline. Supporting price is reduced expectations of Fed’s monetary tightening post comments from Dallas Fed President Robert Kaplan, mixed economic data from major economies, tensions relating to Afghanistan and persisting virus concerns. Weighing on price is continuing ETF outflows and recovery in equity markets. Gold’s break above $1800/oz shows positive momentum however gains may be limited if bulls fall in keeping it above $1800/oz.

NS Ramaswamy, Head of Commodities, Ventura Securities

Today, we expect the MCX Gold Oct prices to trade with positive bias as prices managed to cross the key averages on the daily chart yesterday. Prices traded above 100 EMA level on daily chart yesterday. On the hourly chart, key support level is seen at 47,300 level. Breaking above 47,600 level on hourly closing basis we expect prices to head towards 48,000 level.

On the Comex front, yesterday prices crossed the key level of $1800/ounce. Breaking above $1810/ounce, we may expect prices to test the next resistance of $1840/ounce level.

MCX SILVER Sep prices are also likely to trade with positive bias for intraday. On hourly chart, prices need to sustain above the 63,000 mark on an hourly closing basis. The RSI indicator on hourly chart is indicating strength in momentum on the upside for the Silver prices. We may see prices heading towards 64,000 mark for intraday.

Abhishek Chauhan, Head Commodities and Currency, Swastika Investmart

Comex gold manages to break the 1800 resistance mark on the back of some weakness in the dollar index but still, it has resistance in the 1805-1835 supply zone so there is a risk of profit booking from here. 1790 will be the immediate support level while 1775 is a critical support level. MCX gold has a supply zone of 47750-48000 and 47300 is an immediate support level while 47000 will be a crucial support level.

(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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