Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices fell in India on Thursday, on the back of rates in the international market where stronger dollar dented yellow metal’s appeal. On Multi Commodity Exchange, gold August futures were trading Rs 162 or 0.34 per cent lower at Rs 46,910 per gram, breaching the crucial Rs 47,000 levels on the downside. In the previous session, gold futures ended flat at Rs 47,072 per 10 gram. Silver July futures were seen ruling at Rs 67,560 per kg, down Rs 372 or 0.55 per cent, as compared to a previous close of Rs 67,932 on the Multi Commodity Exchange. Globally, spot gold was down 0.1 per cent to $1,777.26 per ounce, and US gold futures eased 0.2 per cent to $1,779.50 per ounce. The dollar index held firm below an 11-week high against its rivals, making gold more expensive for holders of other currencies, according to Reuters
Bhavik Patel, Senior Technical Research Analyst at Tradebulls Securities
Gold is facing a double-edged sword of inflationary pressures where rising inflation is positive for gold short term but US Fed statement of rising interest rates in 2023 is negative for gold. Gold’s reaction to yesterday’s press conference from Powell was tepid at best as gold failed to hold its head above 47300. Some of the gains can be attributed to the falling US yields yesterday. Failure for gold’s rally is the comments from Jerome Powell that inflation is transitory as demand has cropped up because of opening of business and economies and Fed will not put the brakes on its easy money policies too soon. Right now gold is fighting with the equity market and it seems most of the money is getting rotated back to the equity class which is why we are seeing equity markets near to all time high. Speculators continue to trim their long positions and we feel once $1820 is taken out in COMEX, then we may see long positions getting added. Till then we remain neutral in gold and will only recommend going long in Gold above 47300. Support for gold comes near 46600-46200.
Rahul Gupta, Head of Research-Currency at Emkay Global Financial Services
Gold is going back and forth, as the price action in the dollar has become a more important factor especially after the conflicting signals from the Fed officials. The traders have shifted back into price discovery mode, as the Fed needs to fine-tune the taper lift-off date. So a short term boost can be seen in gold, the MCX gold price can witness a resistance around 47350-47750, while support is located around 46500-46100.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities
COMEX gold trades modestly lower near $1776/oz after a 0.3% gain yesterday. Gold weakened again as the US dollar stabilized amid hawkish comments by some Fed officials and some upbeat economic data. ETF outflows also showed weaker investor interest. However, supporting price is increased US-China tensions and persisting virus concerns. Gold may remain choppy as market players react to central bank comments however the general bias remains weak as diverging monetary policy stance of Fed and other central banks may support US dollar.
NS Ramaswamy, Head of Commodities, Ventura Securities
Technically, MCX Gold Aug prices are looking negative for intraday. However, Price going to trade in a sideways movement for the next few days (47,350 to 46,500) levels. Going forward, we expect the next leg of movement will start only breaking above this level. On the other hand, the ADX indicator continues to move above 30 levels which suggests that still more weakness can expect in the gold price in the coming sessions. On an hourly chart, MCX Gold price will be going to face a strong resistance zone at 47350 levels and breaking above which price can head towards upper channel line which comes around 47900 to 48000 levels. Similarly, on the downside, it will take strong support at 46,500 and break below which can expect more weakness in the gold price in the coming sessions. The overall short-term trend for the Gold price is ‘Sideways’. MCX Silver price has taken strong support at a 200-day moving average (66,580) and from there it bounced back. We expect MCX Silver price going to trade in the sideways movement for the intraday (66,580 to 69,000).On the upside, the price will be going to face strong resistance at a 100-day moving average (69,000). Going forward, we expect the next few days silver prices are going to hovering around these two (100 & 200 days) moving averages.
(The views in this story are expressed by the respective experts of research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)