Gold price today, 5 Jan 2022: Gold to stay in Rs 47850-48000 range; US dollar, bond yields, Omicron in focus

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading on Wednesday, mirroring global trends.

Gold Rate Today, Gold Price Today in India
Gold continues to trade in a range near $1800/oz and this may continue unless there are fresh triggers

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading on Wednesday, mirroring global trends. On Multi Commodity Exchange, gold February futures were trading flat with positive bias at Rs 47959 per 10 gram, as against the previous close of Rs 47,949. Silver March futures were ruling lower at Rs 62,107 per kg, down Rs 119 or 0.19 per cent on MCX. In the previous session, silver futures closed at Rs 62,226 per kg. Internationally, yellow metal was flat, as traders weighed prospects of early interest rate increases by the U.S. Federal Reserve against surging COVID-19 infections globally, according to Reuters. Spot gold was little changed at $1,813.91 per ounce while US gold futures were flat at $1,813.80.

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

Gold may stay volatile ahead of a couple of important economic data. The virus’ spread threatens both demand and supply-side forces, which could affect the US growth outlook, suggesting that the Fed may want to remain cautious until the omicron wave this winter subsides. The US will release ADP employment change for December and aftermarket hours the minutes of the Fed’s latest meeting will be released. The market will also keenly watch nonfarm payrolls for December which will come on Friday. Hence we expect the yellow metal to stay in a tight range of Rs 47,850 to Rs. 48,000 per 10 gram

Anuj Gupta, VP — Research, Commodity & Currency, IIFL Securities 

Trend of gold is positive on the back of the weak dollar on weak US  data yesterday. Inflationary pressure and investment demand may support gold prices. For today, we recommend to buy gold at 47800 levels with the stop loss of 47500 for the target of 48500. Internationally it may test $1840 levels very soon.

Tapan Patel, Senior Analyst — Commodities, HDFC Securities

Gold prices traded firm on Wednesday with spot gold prices at COMEX were trading near $1815 per ounce in the morning trade. MCX Gold February hovered around Rs. 48000 per 10 gram along with rupee fluctuations. Gold prices recovered as investors rode back on inflation hedge along with weak US data. The hawkish FED stance with sooner rate hike has capped upside in gold prices. The dollar index was marginal down while benchmark bond yields were 1% down in the morning trade. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1800 and resistance at $1830 per ounce. MCX Gold February support lies at Rs. 47800 and resistance at Rs. 48300 per 10 gram.

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

COMEX gold trades little changed near $1815/oz after a 0.8% gain yesterday. Gold continues to take cues from US dollar and bond yields as market players shift focus from virus situation to FOMC minutes which may give more clarity on Fed’s monetary policy stance. Gold continues to trade in a range near $1800/oz and this may continue unless there are fresh triggers, however Fed’s tightening expectations could keep US dollar supported and this may weigh on gold price.

Abhishek Chauhan, Head of Commodity & Currency, Swastika Investmart

Precious metals gained the ground as the Dollar index retreated. US ISM manufacturing PMI and Jolts job opening data stood weaker supporting the Gold and Silver prices. However, Gold has resistance at 48000 if it breaks and sustains above this level then it may maintain bullish momentum for today as well. US ADP non-farm employment change data may further support Gold and Silver prices as it has been estimated to remain weaker than the previous month’s release.

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

On the Bollinger Band (20,2), the gold price is trading above the mean with the upper band facing in the upward direction indicating the price to move higher. On the oscillator side, RSI (14) is trading in a comfortable zone indicating the intact bullishness in the gold. We expect Gold may continue it’s outperformance in coming trading days as well and may move towards Rs. 49000. Any correction towards the recent support of Rs. 47500 may be utilised to average the positions.

Buy Zone Above – 48100 for the target of 48300 

Sell Zone Below – 47800 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: 05-01-2022 at 10:09 IST