Gold Price Today, 27 Oct 2021: Gold trades sideways, support at Rs 47500; Bank of Japan, ECB meetings eyed

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October 27, 2021 10:27 AM

Gold Rate Today, Gold Price in India on 27 October 2021: Gold has also struggled to attract safe-haven demand as equity markets continue to move from record highs to fresh record highs

Gold Rate Today, Gold Price Today in IndiaGlobally, yellow metal prices eased, retreating from the key $1,800 mark. Image: Reuters

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading weak in India on Wednesday, mirroring the international rates. On Multi Commodity Exchange, gold December futures were ruling at Rs 47,780 per 10 gram, down Rs 33. While silver December futures were trading flat at Rs 65,005 per kg. Globally, yellow metal prices eased, retreating from the key $1,800 mark, as a stronger U.S. dollar and elevated bond yields dented bullion’s safe-haven appeal ahead of key central bank meetings, according to Reuters. Spot gold was down 0.2% at $1,788.66 per ounce. US gold futures dropped 0.2% to $1,790.60.

Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities

Routine downside correction is witnessed in Gold whenever it hovers around $1800. Yesterday’s fall can be attributed as modest profit booking. Robust equity market along with strong US dollar capped gains in gold. Gold has also struggled to attract safe-haven demand as equity markets continue to move from record highs to fresh record highs. It is still likely that inflationary fears will continue to support gold as market participants await more input from key central bank meetings, including the ECB this Thursday and the Bank of Japan. Another reason for profit booking in gold was US consumer confidence rose higher than expected. Money managers’ position remains the same compared to last week and so we are not seeing any momentum on the upside. Once speculators start adding long positions in gold, we believe it will implode above $1825 soon. Intraday support for Gold in MCX is 47500 and resistance at 48150.

Tapan Patel, Senior Analyst Commodities, HDFC Securities

Gold prices traded down on Wednesday with spot gold prices at COMEX were trading 0.23% lower at $1789 per ounce in the morning trade. Gold prices fell back into the barracks below $1800 on Tuesday on volatile US bond yields. The US 10 year treasury yields surged above to 1.65%, currently holding near 1.62% for the day. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1775 and resistance at $1810 per ounce. MCX Gold December support lies at Rs. 47600 and resistance at Rs. 48200 per 10 gram.

Ravi Singh, Vice President & Head of Research, Share India Securities

The market focus is on the key meetings of the Bank of Japan and the European Central Bank (ECB) scheduled on Thursday and next week’s Federal Reserve and Bank of England policy decisions. Investors are trading cautiously this week due to uncertainty over the timing of central bank rate hikes amid rising inflation concerns. After a continuous rally, Gold has witnessed profit booking yesterday which may sustain for a few more trading sessions.

Buy Zone Above – 48000 for the target of 48350
Sell Zone Below – 47700 for the target of 47400

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

COMEX gold trades marginally lower near $1790/oz after a 0.7% decline yesterday. Gold is pressurized by gains in the US dollar and continuing strength in equity markets. However, supporting price is rising inflation concerns, rise in virus cases, worries about China’s property market and renewed US-China tensions. Rise in China’s imports and ETF inflows also show a pick up in buying interest. Gold is struggling to sustain above $1800/oz level and may remain choppy unless there are fresh triggers, however rising challenges to the global economy may keep a floor to prices.

(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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