Gold Price Today, 25 August 2021: MCX gold falls ahead of Fed symposium; may fall to Rs 47,100

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August 25, 2021 9:56 AM

Gold Rate Today, Gold Price in India on 25 August 2021: Gold prices fell in India on Wednesday, on the back of weak global cues.

Gold Rate Today, Gold Price Today in IndiaGold once again failed to sustain above $1800 and has clawed back to $1794.

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices fell in India on Wednesday, on the back of weak global cues. On Multi Commodity Exchange, gold October futures were trading Rs 258 or 0.54 per cent down at Rs 47,354 per 10 gram, as against the previous close of Rs 47,612. Silver September futures also fell Rs 412 or 0.65 per cent to Rs 63,062 per kg. In the previous session, silver futures ended at Rs 63,474. Globally, yellow metal prices fell as the dollar ticked higher, with investors awaiting Federal Reserve Chair Jerome Powell’s speech this week for possible guidance on tapering of the pandemic-era stimulus. Spot gold fell 0.4 per cent to $1,796.03 per ounce, while US gold futures 0.6 per cent to $1,797.50, according to Reuters.

Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities

Gold once again failed to sustain above $1800 and has clawed back to $1794. Right now profit taking is evident before the Jackson Hole symposium this weekend and if gold takes out Monday’s low of $1776, we could see fresh technical selling. Gold needs to sustain above $1810 and we believe it will only come after the Jackson Hole symposium is concluded. The economic environment that drove gold prices to record highs last year remains firmly in place however gold is struggling in the near term as markets brace for a shift in U.S. monetary policy. We expect gold to test lows of 47200-47100 where fresh long position can be taken with stoploss of 46850 and expected target of 47500-47700.

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 and ahead of Jackson Hole Symposium on Friday sideways to positive momentum can be seen. MCX gold has immediate resistance at 47800 whereas support can be seen at 47450-47500 and below that 47000 will be the major support level.

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

COMEX gold trades 0.7% lower near $1795/oz after a 0.1% gain yesterday. Gold fell after failing to build on the gains above $1800/oz level. Weighing on gold is some recovery in the US dollar index after recent losses, improved risk appetite and continuing ETF outflows. However, supporting price is mixed US economic data, persisting virus risks and geopolitical tensions relating to Afghanistan. Gold has slipped back below $1800/oz on Fed uncertainty however increasing risks to the global economy may keep prices supported.

Sandeep Matta, Founder, TRADEIT Investment Advisor

Gold is hovering around the $1800/oz level while lack of participation is clearly visible as the market participants await the Fed chairman’s speech which could decide the price direction either side. Gold is still trading below 100 DEMA level which is at $1810 and a major technical resistance to cross. Gold on MCX also traded moderately high throughout the day however volume action is not encouraging. The momentum indicators are higher and suggesting a profit booking from these levels therefore our outlook for today is negative.

Key level for GOLD AUG Contract – 47605
Buy Zone Above – 47610 for the target of 47738-47864
Sell Zone Below – 47605 for the target of 47400-47200

(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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