Gold Rate Today, Gold Price on 6 Oct 2022: Gold gets costlier, near Rs 52000; analysts say ‘buy on dips’, check silver rate - Gold Price Forecast, Gold Price Outlook | The Financial Express

Gold Price Today, 6 Oct 2022: Gold gets costlier, near Rs 52000; analysts say ‘buy on dips’, check silver rate

Gold Rate Today, Gold Price in India on 6 Oct 2022: Gold rate and silver rate were trading higher in India on Thursday, on the back of positive global cues

Gold Price Today, 6 Oct 2022: Gold gets costlier, near Rs 52000; analysts say ‘buy on dips’, check silver rate
Gold prices edged higher as Treasury yields retreated, although gains were limited after stronger U.S. economic data bolstered expectations the Federal Reserve will retain its hawkish narrative. Image: Reuters

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate and silver rate were trading higher in India on Thursday, on the back of positive global cues. On the Multi Commodity Exchange, gold December futures were ruling Rs 269 or 0.5 per cent up at Rs 51915 per 10 gram, as against the previous close of Rs 51646. Silver December futures were trading at Rs 61490 per kg, up Rs 723 or 1.2 per cent on MCX. Globally, yellow metal prices edged higher as Treasury yields retreated, although gains were limited after stronger U.S. economic data bolstered expectations the Federal Reserve will retain its hawkish narrative, according to Reuters. Spot gold was up 0.2% at $1,719.19 per ounce. U.S. gold futures rose 0.5% to $1,728.50.

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Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities

Gold prices rallied this week after US dollar and Treasury yields retraced last Friday on account of weaker than expected PMI numbers. Yesterday’s stronger than expected private payroll data did dampen some shine off precious metals but the trend still remains bullish. Arguably the most important U.S. data point of the week, if not the month, is Friday’s employment situation report for September from the Labor Department. OPEC’s decision to cut oil output to 2 million bpd also will give a boost to gold prices as higher oil will drive inflation higher. Corrective pullback is seen in COMEX gold but in MCX due to weak rupee, trend still is positive and we advocate buy on dips strategy today with stoploss of 51400 and expected target of 52000.

 Rahul Kalantri, VP — Commodities, Mehta Equities

Gold and silver prices settled lower on Wednesday, after posting solid gains in the previous two sessions. A strong rebound in the U.S. dollar index, along with a significant rise in U.S. Treasury yields, are the bearish  market elements working against the bullion. Gold prices eased following the release of a slightly stronger-than-expected U.S. ADP jobs report that stood at  208,000 in September, as against the expectations of 200,000. The markets will also be closely watching Friday’s employment situation report for September from the Labor Department. However, strength in global oil prices and geo-political tensions between Russia & Ukraine are supporting safe-haven buying in precious metals. Gold has support at $1712-1698, while resistance is at $1740-1751. Silver has support at $20.48-20.20, while resistance is at $20.95-21.10. In INR terms gold has support at Rs 51,420-51,240, while resistance is at Rs 51,880, 52,050. Silver has support at Rs 60,150-59,440, while resistance is at Rs 61,480–62,110.

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Sriram Iyer – Senior Research Analyst at Reliance Securities

Gold and silver fell after the U.S. Dollar and the benchmark Treasury yields staged a comeback rally on Wednesday. Prices had rallied in the previous session amid hopes that the US Federal Reserve could adopt a less aggressive approach to rate hikes. Looking ahead, gold and silver have started stronger this Thursday’s trade despite a stronger dollar. U.S. non-farm payrolls data due on Friday could offer more clarity on the Fed’s policy tightening. So, MCX gold December range for the day is 51440 to 51770.

(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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