Gold Price Today, 25 June 2021: MCX Gold steady on flat global cues; may rally if it goes above Rs 47,400

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June 25, 2021 10:07 AM

Gold Rate Today, Gold Price in India on 25 June 2021: Gold prices were trading flat in India on Friday, as yellow metal rates remained steady ahead of US inflation data

The market development organisation for the gold industry said Dhanteras and the upcoming season which has more auspicious wedding days compared to the previous year appear positive for demand.The market development organisation for the gold industry said Dhanteras and the upcoming season which has more auspicious wedding days compared to the previous year appear positive for demand.

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading flat in India on Friday, as yellow metal rates remained steady ahead of US inflation data. On Multi Commodity Exchange, gold August futures were trading Rs 41 or 0.09 per cent up at Rs 46,911 per 10 gram, as against the previous close of Rs 46870. Silver July futures were ruling firm at Rs 67,894 per kg, up Rs 161 or 0.24 per cent. Silver futures ended at Rs 67,733 per kg in the previous session. Globally, spot gold was flat at $1,773.52 per ounce; prices have risen 0.6 per cent so far this week. US gold futures eased 0.2% to $1,773.60 per ounce, according to Reuters

Bhavik Patel, Senior Technical Research Analyst at Tradebulls Securities

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices are trading steady and prices have stabilized this week after the sell-off seen last week due to hawkish US Fed policy. Lots of short-term money has moved out of the gold market but the long-term picture hasn’t changed. These fear-driven dips should be bought. US President has given approval of $1.2 trillion infrastructure plans and government spending is going to create a unique inflationary environment. There is also fear that the US and global economies might start to slow down by the end of the year as growth has been strong since the start of the year due to consumers unleashing pent-up demand caused by the COVID-19 restriction. Right now gold prices are struggling to attract momentum and push the market above the psychological number of $1800. Rs. 46600 in MCX is proving to be strong support and gold bulls can take comfort till that level holds. Any price movement above Rs. 47400 will attract buyers. The technical picture for gold may change once it breaches Rs.46000 on the downside and trend would change from neutral to negative.

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

COMEX gold trades marginally higher near $1779/oz after a 0.4% decline yesterday. Gold is range-bound amid mixed US economic data and mixed Fed comments which has caused uncertainty about Fed’s monetary policy stance. ETF outflows show weaker investor interest while supporting price is rising inflation concerns. Gold may remain choppy along with US dollar however general bias remains weak owing to Fed’s monetary tightening outlook.

Sriram Iyer, Senior Research Analyst at Reliance Securities

International spot gold and silver prices have started flat this Friday morning in Asian trade as markets release the PCE Index data, which is keenly tracked by the Fed. On the domestic front, MCX gold August is holding a support near 100-DMA which is placed at 46,900 levels above which could see an upside move of 47,200-47,350 levels. Support is at 46,800-46,600 levels. MCX silver July holds a support near 67,000-65,900 levels. Resistance is at 68,200-68,200 levels.

(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.)

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