Gold Rate Today 3 October: Gold Price Today in Delhi, Chennai, Kerala, Hyderabad, Bangalore, Mumbai, Kolkata and Other Cities | The Financial Express

Gold Price Today, 3 Oct 2022: Gold, silver price jump, follow global cues; check support, resistance levels

Gold Rate Today, Gold Price in India on 3 October 2022: Gold rate and silver rate were ruling in green in India on Monday, on the back of positive trend in the global market.

Gold Price Today, 3 Oct 2022: Gold, silver price jump, follow global cues; check support, resistance levels
Spot gold was up 0.3% at $1,665.29 per ounce. U.S. gold futures ticked 0.1% higher to $1,673.30.

Gold Price Today in Delhi, Chennai, Kerala, Hyderabad and Other Cities: Gold rate and silver rate were ruling in green in India on Monday, on the back of positive trend in the global market. On Multi Commodity Exchange, gold December futures were ruling Rs 226 or 0.45 per cent down at 50,420 per 10 gram. Silver December futures were trading Rs 922 or 1.6 per cent up at Rs 57780 per kg. Globally, yellow metal prices edged higher on a softer dollar, although central banks worldwide retained their aggressive monetary policies to tackle soaring inflation, limiting gains for safe-haven bullion. Spot gold was up 0.3% at $1,665.29 per ounce. U.S. gold futures ticked 0.1% higher to $1,673.30.

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Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities

Gold has posted six months of consecutive loss and last time it happened was way back in 2018 when we saw the end of the bear trend in gold prices. Gold found some momentum on Thursday and Friday and the short term trend has now shifted from sideways to down to neutral to bullish. Gold also had some help from geopolitical tension as Russia annexed four regions of Ukraine but it is essential to remember that any geopolitical gains in gold are likely only temporary. Considering the monetary policy situation, it will be hard to shift gold’s overall bearish trend. Ultimately, the U.S. dollar continues to be strong. Gold’s near-term direction will largely depend on the employment and inflation data released in the first two weeks of October. Intraday one can go long at any dips with stoploss of 50150 and expected target of 50650-50700.

Jigar Trivedi, Senior Analyst – Currency & Commodity, Reliance Securities

MCX Gold December has advanced on Monday morning amid broader dollar weakness. On the global front, Comex Gold appreciated above $1,660 an ounce as the market is discounting that major central banks are expected to continue raising interest rates aggressively to combat surging inflation. Leading the pack, US Fed officials stressed the need last week to keep hiking rates to restrictive levels amid persistent inflationary pressures, even at the risk of slower growth and further market volatility. The ECB is also expected to deliver another jumbo rate increase as eurozone inflation exceeded forecasts to hit a new record high of 10% in September. Higher interest rates raise the opportunity cost of holding non-yielding bullion, denting its appeal. The metal lost nearly 3% in September for its sixth straight monthly decline, and is still down about 20% from this year’s high. MCX gold December may rebound to Rs 50,650 an ounce.

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Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services

Gold and silver prices inch higher, continuing its momentum from previous session amidst a softer dollar, although central banks worldwide retained their aggressive monetary policies to tackle soaring inflation, limiting gains for safe-haven bullion. Fed and other major central bankers have been resolute in raising interest rates despite a turmoil in global financial markets. Fed Vice Chair Lael Brainard on Friday added her full endorsement of the U.S. central bank’s higher-for-longer game plan for interest rates to curb inflation. Eurozone inflation zoomed past forecasts to hit 10% in September, a new record high that will reinforce expectations for another jumbo interest rate hike next month from the ECB. There are a lot of updates regarding uncertainties raising fear regarding global growth slowdown supporting metal prices. India slashed the base import prices of gold on Friday; while physical gold market in India flipped to a premium last week as demand improved ahead of festivities.Broader trend on COMEX could be in the range of $1650-1685 and on domestic front prices could hover in the range of Rs 49,920- 50,840.

(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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