Gold Price Today, 3 Jan 2022: Gold to trade in 47950-48200, falls over 4% last yr; check support, resistance

Excerpt: Gold Rate Today, Gold Price in India on 3 Jan 2022: Gold prices in India were trading on a muted note on the first trading day of calendar year 2022, as global rates remained steady.

Gold Rate Today, Gold Price Today in India
MCX gold underperformed in CY21, falling 4.14 per cent, while MCX silver fell 8.2 per cent in the previous year

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading on a muted note on the first trading day of calendar year 2022, as global rates remained steady. On Multi Commodity Exchange, gold February futures were trading at Rs 40,060 per 10 gram, down Rs 51, as against the previous close of Rs 48,099. Silver March futures were ruling at Rs 62,391 per kg, down Rs 269 or 0.4 per cent. In the previous session, MCX silver ended at Rs 62,660 per kg. MCX gold underperformed in CY21, falling 4.14 per cent, while MCX silver fell 8.2 per cent in the previous year. Internationally, yellow metal prices held steady as higher US Treasury yields offset safe-haven buying sentiment due to an Omicron-driven surge in COVID-19 infections globally, according to Reuters. Spot gold remained mostly unchanged at $1,830.09 per ounce while US gold futures were up 0.1% to $1,830.30. 

Jigar Trivedi, Manager — Non-Agro Fundamental Research, Anand Rathi Shares & Stock Brokers

Spot gold ended higher on the last trading day of 2021 with a gain on $ 14.65 or 0.81% and closed comfortably above $1,800, at $ 1,829 an ounce as risk related to the spread of Omicron escalated. Going ahead, gold on last Friday, has risen to the highest in six weeks, with investors focusing on the outlook for 2022 as the omicron virus variant hampers the global recovery and central banks move toward tighter monetary policy. In the first trading session of 2022, amid less participation, prices may stay in a tight range. MCX Gold February may stay in a range from Rs 47,950 to Rs. 48,200 per 10 gram.

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

COMEX gold trades marginally lower near $1826/oz after a 0.8% gain in previous session. Gold trades in a range as support from safe haven buying on back of rising virus concerns and stress in China’s property market is countered by gains in US dollar index. Gold has broken past the recent range of $1780-1820/oz reflecting strong upward momentum however it may struggle to build momentum if US dollar recovers further.

Bhavik Patel, Commodity and Currency Analyst, Tradebull Securities

Gold has once again given hope to bulls as at the start of 2022, it has managed to climb above $1800 and now trading at its resistance point of $1825. That level had been a thorn for the whole 2021 for bulls as gold would fail to sustain above that level and would eventually fizzle out. Once again it remains to be seen if at the start of 2022, we will see gold rally above $1825 or 2021’s history will repeat itself. We believe 2022 would be better than 2021 for gold investors despite the Fed’s stance of raising interest rates this year.  Historically we have seen gold gaining when the US Fed raised rates as between 2015 and 2019, US Fed raised interest rate 9 times and gold rallied nearly 35% and between 2004 and 2005, US Fed raised rates 17 times and gold rallied 70%. So we may not see heavy corrections in gold this year and gold might trade above $2000 during the second half of the year.

Tapan Patel, Senior Analyst Commodities, HDFC Securities

Gold prices were trading steady on Monday with spot gold prices at COMEX were trading near $1825 per ounce in the morning trade. MCX Gold February contract traded marginally down near Rs 48,047 per 10 gram limiting downside from rupee depreciation. The yellow metal kept narrow trading on mixed global cues with the start of the new year awaiting fresh triggers. We expect gold prices to trade sideways to up for the day with COMEX spot gold support at $1810 and resistance at $1842 per ounce. MCX Gold February support lies at Rs 47,900 and resistance at Rs 48200 per 10 gram.

Ravi Singh, Vice President & Head of Research, ShareIndia Securities 

Gold prices are trading in a tight range and low volatility. The consolidation and technical setup is suggesting a bullish run is pending in near term. The momentum indicators on the daily chart are indicating a possible buying surge in gold prices.

Buy Zone Above – 48200 for the target of 48500

Sell Zone Below – 47900 for the target of 47600

(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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First published on: 03-01-2022 at 09:46 IST