Gold Price Today, 3 August 2021: Gold falls on weak global cues; check intraday trading strategy for MCX gold

By: |
August 03, 2021 10:01 AM

Gold Rate Today, Gold Price in India on 3 August 2021: Gold prices fell in India on Tuesday, taking cues from the international market as the dollar held steady

Gold Rate Today, Gold Price Today in IndiaWe expect the MCX Gold Aug prices to trade sideways. Prices are hovering near the key averages on daily chart.

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices fell in India on Tuesday, taking cues from the international market as the dollar held steady while investors avoided taking big positions ahead of the key U.S. non-farm payroll data due later this week. On Multi Commodity Exchange, gold October futures slipped Rs 136 or 0.3 per cent to Rs 47,950 per 10 grams. In the previous session, gold prices ended on a flat note on retracement in US dollar and treasury yields. Silver September futures fell Rs 347 or 0.51 per cent to Rs 67,542 per kg. Globally, spot gold fell 0.2 per cent to $1,810.56 per ounce while U.S. gold futures fell 0.5 per cent to $1,813.80.

NS Ramaswamy, Head of Commodities, Ventura Securities

We expect the MCX Gold Aug prices to trade sideways. Prices are hovering near the key averages on daily chart. The 20-day moving average is seen at 48,080 level. The 100-day moving average is seen at 47,970 level. Key support for intraday is seen at 47,800 level. Breaking below this level, we may see prices heading lower towards 47,500 level. On the upside, breaking above 48,100 level we may see prices heading towards 48,500 level.

MCX SILVER Sep prices are also likely to trade sideways for intraday. On daily chart, prices are trading below all the key averages. Key support for intraday is seen at 67,400 level. Breaking below this level, we may see prices heading lower towards 66,500 level. On the upside, key resistance is at 68,000 level. If prices manage to cross above this level, we may see further upside towards 69,000 level for intraday.

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

COMEX gold trades modestly lower near $1815/oz after a 0.3% gain yesterday. Gold is choppy but range bound above $1800/oz amid volatility in equities and US dollar and as market players assess Fed’s monetary policy stance. However, supporting price is rising virus concerns, concerns about slowdown in Chinese economy and mixed economic data from major economies. Gold may remain choppy with larger financial markets but virus concerns and global growth worries may keep prices supported.

NYMEX crude trades marginally higher near $71.5/bbl after a sharp 3.6% decline yesterday. Crude inched up amid increasing tensions relating to Iran and choppiness in the US dollar. However, weighing on price are demand concerns amid rising virus cases, slowdown in manufacturing sector and concerns about the health of Chinese economy. Crude oil’s sharp sell-off has dented market sentiment however we may not see much decline ahead of inventory report

Amit Khare, AVP- Research Commodities, Ganganagar Commodities

Yesterday October Gold made a low of 47816 and then made a high of 48150, And Silver made a high of 68177 then made a low of 67512. Yesterday we have seen small movement in Gold and Silver, Daily technical chart is showing some more profit booking, momentum indicator RSI also indicating the same on hourly chart, So traders are advise to create fresh short position near given resistance, traders should also focus important technical levels given below for the day

August Gold Support: 47900- 47600, Resistance: 48200- 48300

September Silver Support: 67500- 67000, Resistance: 68300- 68800

(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.)

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Petrol, diesel prices may rise as international oil rates surge
2Govt says wholesale edible oil prices showing declining trend
3MCX Gold must reclaim 47000 to stage rally, MCX silver looks bearish on charts; avoid positional long position