Gold Price Today, 30 Dec 2021: Gold prices fall, may trade lower on weak global rates, sharp up move in rupee

Gold Rate Today, Gold Price in India on 30 December 2021: Gold prices were trading weak in India on Thursday, as the global rates remained unchanged.

Gold Rate Today, Gold Price Today in India
Gold

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading weak in India on Thursday, as the global rates remained unchanged. On the Multi Commodity Exchange, gold February futures were trading at Rs 47,730 per 10 gram, down Rs 109 or 0.23 per cent, as against the previous close of Rs 47,839. Silver March futures were also ruling weak at Rs 61,552 per kg, down Rs 286 or 0.5 per cent. In the previous session, silver futures ended at Rs 61,838 per kg. Globally, yellow metal prices steadied as a weaker dollar helped offset pressure from rising U.S. Treasury yields and growing appetite for riskier assets, according to Reuters. Spot gold fell 0.3% to $1,800.02 per ounce, while US gold futures dropped 0.6% to $1,800.

Bhavik Patel, Commodity/Currency Analyst, Tradebulls Securities

Gold market bounced from session low yesterday following US pending home sales dropping by 2.2%.  Gold went below $1800 till $1790 but has bounced back again to $1800. Low trading volume during the holidays can create volatile moves in the marketplace. Gold has breached its immediate support of 47800 and trading around it but we are not very bullish today and expect gold to trade sideways to lower.

Tapan Patel, Senior Analyst — Commodities, HDFC Securities

Gold prices traded weak on Thursday with COMEX Spot gold prices were trading near $1802 per ounce in the morning trade. MCX Gold February contract opened near Rs. 47800 per 10 gram in line with weak global prices along with sharp rupee appreciation. Gold prices fell below $1800 per ounce in previous trade on risk on sentiment with rise in US bond yields. The omicron worries are sidelined while investors are looking for fresh triggers with muted volumes with Holiday mood.

We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1790 and resistance at $1815 per ounce. MCX Gold February support lies at Rs. 47600 and resistance at Rs. 48100 per 10 gram

Abhishek Chauhan, Head of Commodity & Currency, Swastika Investmart

US bond yield rose 3% in the previous session while the Dollar index eased 0.28%. USDINR is getting weaker putting more pressure on Gold and Silver prices. In Comex, Gold is trading at its resistance level of $1800 whereas, in MCX, Gold fell by more than Rs 400  per 10 gram in the previous trading session. However, existing home sales data from the US stood weaker which supported Gold prices and limited the loss of 0.53%. On the daily chart, Gold prices have taken the support of 200 EMA which may support Gold prices in today’s session

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

Amid low volumes due to the year-end holiday, gold prices are trading sideways. Stronger dollar is also putting pressure on gold prices. Low volatility is expected to continue till next week.

Buy Zone Above – 48000 for the target of 48300

Sell Zone Below – 47700 for the target of 47500

(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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