Gold Price Today, 4 August 2022: Gold gets costlier, prices jump 1% on global cues; may remain bullish

Gold Rate Today, Gold Price in India on 4 August 2022: Gold prices in India were trading nearly one per cent higher on Thursday, following positive global cues

Gold Price Today, 4 August 2022: Gold gets costlier, prices jump 1% on global cues; may remain bullish
Gold market continues to trade sideways in COMEX while in MCX, because of weak INR, got some boost and traded higher

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading nearly one per cent higher on Thursday, following positive global cues. On Multi Commodity Exchange, gold October futures were ruling Rs 461 or 0.9 per cent up at Rs 51,850 per 10 gram. In the previous session, yellow metal prices settled at Rs 51,389 per 10 gram. Silver September futures were seen trading at Rs 57,880 per kg, up Rs 326 or 0.6 per cent, as against the previous close of Rs 57,554 per kg. Globally, yellow metal prices edged higher buoyed by a pullback in the dollar and U.S Treasury yields, while investors awaited the U.S. non-farm payrolls report later this week that could offer more cues on the Federal Reserve’s rate hike plans, according to Reuters. Spot gold was up 0.2% at $1,767.97 per ounce. U.S. gold futures rose 0.4% to $1,783.20.

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Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities

Gold market continues to trade sideways in COMEX while in MCX, because of weak INR, got some boost and traded higher. Gold clawed back all its losses yesterday after US Fed’s member’s statement that they will raise rates to keep inflation in control. This shows that bulls have upper hand as we have not seen any follow up selling after yesterday’s fall. US house speaker Nancy Pelosi’s visit has been over in Taiwan so some risk on sentiment has also returned. In MCX, gold is at its resistance of 51740 as in the last 3 trading sessions, gold has made high around that region. So breakout above that level could see prices climb till 52100-52200. Intraday support comes at 51500. Bias remains bullish for intraday.

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

Gold prices edged higher, amidst the uncertainty between China and U.S. over Taiwan and also buoyed by a pullback U.S. Treasury yields, while investors awaited the U.S. non-farm payrolls report later this week that could offer more cues on the Federal Reserve’s rate hike plans. Fed policymakers signaled that the central bank remains resolute in getting U.S. rates up to a level that will more significantly curb economic activity and put a dent in the highest inflation since the 1980s. Yes, gold appears to have gained some ground in the past few sessions, although the prospect of further increase in interest rate this year capped gains for metal on the higher side.

Data showed the U.S. services industry unexpectedly picked up in July as new orders grew solidly, while U.S. factory orders also rose in June, gaining 2% after advancing 1.8% in May. Focus today will be on weekly jobless claims data and tomorrow will be on U.S. non farm and unemployment rate. Broader trend on COMEX could be in the range of $1750-1790 and on domestic front prices could hover in the range of Rs 51,300-52,100.

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Tapan Patel, Senior analyst — Commodities, HDFC Securities

Gold prices held steady range on Thursday with COMEX Spot gold prices at COMEX were trading 0.31% up near $1771 per ounce in the morning trade. MCX Gold October futures opened higher trading 0.85% up near Rs. 51833 per 10 gram. The weaker dollar and recession worries have kept gold prices in firm range with lower volatility. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1750 and resistance at $1785 per ounce. MCX Gold October support lies at Rs. 51400 and resistance at Rs. 52200 per 10 gram.

(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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