Gold Rate Today, Gold Price in India on 5 October 2021: Gold prices fell in India on Tuesday, following global rates a US dollar edged higher.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices fell in India on Tuesday, following global rates a US dollar edged higher. On Multi Commodity Exchange, gold December futures were down Rs 105 or 0.22 per cent to Rs 46,782 per 10 gram, as against the previous close of Rs 46,887. Silver December futures were also down Rs 300 or 0.5 per cent to Rs 60,657 per kg. On Monday, silver futures ended at Rs 60,953 per kg. Globally, lingering inflation concerns kept bullion close to a more than one-week peak hit in the previous session, according to Reuters. Spot gold inched 0.2 per cent lower to $1,765.41 per ounce, after hitting $1,770.41, its highest since Sept. 23, on Monday. U.S. gold futures were 0.1% lower at $1,766.20.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
- Gold breaks above resistance, looks bullish now, silver must breach 63500 to rally; how to trade next week
- Gold Price Today, 13 October 2021: Gold support at Rs 46950; check buy and sell zone for yellow metal
- Gold Price Today, 12 Oct 2021: Gold may trade in Rs 46900-47350 range, buying may trigger at lower levels
Gold traded higher for the 3rd day on Monday. Weakness in Rupee also helped MCX scale 46500 level. Gold had been under pressure due to strong US dollar and bond yields after anticipating the winding down of the asset purchase program from Nov and the rate hike in 2022. Also, Evergrande stock was suspended trading in the Hong Kong stock exchange and the company failed to pay another interest payment on bonds. Hedge funds are reducing their bullish position and the latest trade data shows that net bullish positioning has been at its lowest point since early March. We have important data of Sept employment number on Friday and gold will see action on that day. Strong data would be a setback for gold as the US dollar will get stronger. Gold has now support at 46200 which was its previous resistance during the last week of Sept. Buy on dips should be the strategy today around 46500 with stoploss of 46200.
Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers
Gold might be volatile as investors remain cautious ahead of the US employment report due this Friday, which might probably come out with an accelerated jobs growth in September. This could pave the way for the Fed’s announcement of taper plans in the November meeting. However, the ongoing uncertainty over raising the debt ceiling, with President Joe Biden warning that the government is at risk of breaching the legal limit and new defaults from China might tempt some safe-haven buying in gold. MCX Gold December future is expected to trade in the range of Rs.46,600 – 47,000 per 10 gram for the day.
Ravi Singh, Vice President & Head of Research, Share India Securities
Gold traded higher yesterday after one of the government sources said that India’s gold imports in September soared 658 per cent from last year’s lower base as a correction in local prices to the lowest level in nearly six months prompted jewellers to step up purchases for the upcoming festive season.
Buy Zone Above – 46600 for the target of 47200
Sell Zone Below – 46500 for the target of 46100
Abhishek Chauhan, Head of Commodity & Currency, Swastika Investmart
In COMEX Gold is trading in a sideways zone facing resistance at $1770 whereas near-term support can be seen at $1750. The dollar, which moves opposite to Gold prices, fell 0.27% Yesterday as Crude oil prices gained 3% due to higher demand. Crude oil prices support the Gold prices. Strong Crude oil prices may put further pressure on the Dollar which may support the prices of precious metals. In MCX, Gold has support at 46600 and resistance at 47300.
Amit Khare, AVP- Research Commodities, Ganganagar Commodity
Now both metals are forming a bottom, Momentum indicator RSI also indicating the same and creating a strong positive divergence in daily chart, So traders are advised to create fresh long positions in Gold and Silver in small dips near given support, traders should focus important technical levels given below for the day :
December Gold Support: 46500- 46300, Resistance: 47060-47365.
December Silver Support: 60300- 59700, Resistance: 61560- 62500.
(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.)