Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India fell on Wednesday, mirroring weak international prices on firmer US dollar. On Multi Commodity Exchange, gold December futures were trading Rs 102 or 0.22 per cent down at Rs 46,655 per 10 gram. Yesterday, it closed at Rs 46,757 per 10 grams. Silver December futures were ruling Rs 242 or 0.40 per cent down at Rs 60,744 per kg, as against the previous close of Rs 60,986 per kg. Globally, yellow metal prices inched lower as a firmer dollar and rise in U.S. Treasury yields weighed on the precious metal’s appeal, with investors focused on U.S. non-farm payrolls data due later this week, according to Reuters. Globally, spot gold fell 0.1 per cent to $1,758.06 per ounce, while US gold futures were 0.1 per cent lower at $1,758.40.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
After three consecutive days of higher close, gold saw some profit booking yesterday on account of higher yields, gains in US equities and US dollar strength ahead of September US employment data on Friday. US service sector also saw stronger than expected momentum which helped US equity and dollar rally higher. The dollar traded higher for the first time in four days. Friday’s jobs report will have a strong impact on the financial markets and shape the future direction of equities as well as gold prices. A strong jobs report could result in gold prices moving lower. MCX Gold is likely to remain in range of 46200-46900 till Friday’s job report. MCX Gold has some support in form of weak INR.
Tapan Patel, Senior Analyst (Commodities), HDFC Securities
Gold prices traded weak on Wednesday with spot gold prices at COMEX were trading near $1755 per ounce in the morning trade. Gold prices witnessed selling with stronger dollar and rise in US bond yields. The 10 year US Treasury yields rose to 1.55% pushing gold prices down. However, persistent inflation worries over rise in energy cost has capped downside in gold prices. The traders and investors are also awaiting today’ ADP Payroll data to gauge key Non-Farm payroll data due on Friday.
We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1740 and resistance at $1770 per ounce. MCX Gold December support lies at Rs. 46500 and resistance at Rs. 46900 per 10 gram.
Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers
Gold may continue to decline as investors remain cautious ahead of the US non- farm payrolls data due on this Friday which is expected to come on a higher note at 488K. These numbers if met could comfortably pave way for Fed’s announcement of taper plans in the November meeting. A higher than expected US service PMI for September and the prospects of asset tapering might lead to the strengthening of dollar and treasury yields, which might ultimately turn negative for the non-yielding yellow metal. MCX Gold December futures may decline to Rs.46,400 per 10 gram for the day.
Ravi Singh, Vice President & Head of Research, Share India Securities
Gold prices fell marginally yesterday amid range-bound trading. It may trade between 46500 and 46850 with a little upward bias today. India imported 91 tonnes of gold in September, compared to 12 tonnes a year earlier.
Buy Zone Above – 46850 for the target of 47300
Sell Zone Below – 46500 for the target of 46200
(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.)