Gold Rate Today, Gold Price in India on 7 July 2021: Gold prices were trading firm in India on Wednesday, even as yellow metal in international markets slipped from a three-week peak.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading firm in India on Wednesday, even as yellow metal in international markets slipped from a three-week peak. On Multi Commodity Exchange, gold August futures were trading Rs 72 up at Rs 47,756 per 10 grams, as against the previous close of Rs 47,684. Silver September futures were trading marginally up at Rs 69,541 per kg. In the previous session, MCX silver gave up the crucial Rs 70,000 mark to end at Rs 69,512 per kg. Globally, gold prices edged lower on Wednesday after hitting a three-week peak in the previous session, as a rebound in the dollar weighed on the safe-haven metal ahead of the release of minutes from the U.S. Federal Reserve’s June policy meeting, according to Reuters.
Rahul Gupta, Head of Research-Currency, Emkay Global Financial Services
Gold traders await tonight’s FOMC meeting minutes, which will offer more clarity on the Fed’s monetary policy going forward. There are expectations of a hawkish reiteration on when the FOMC could taper its asset purchases boosting US interest rates and the dollar, weighing on gold. But if the minutes state that it’s a bit early for any material detail to be decided about tapering, then we may see a rally in gold. Until then gold prices will remain sensitive to the minutes. MCX Gold prices hit an intraday high of 48000 levels yesterday before retracing to close at 47684 with a gain of around 0.80%. An intraday retest of 48000 areas should be seen until prices trade above support around 47450 areas. A decisive break below this level will see prices slip towards 47345/47200 areas again. Strength above 48000 will open targets of 48198/48300 levels for the current upswing.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
Gold prices managed to break $1800 on the upside yesterday but lost altitude as other asset class saw sharp reversal. Metals, as well as energy class, saw sharp decline which sent gold and silver running for cover. We saw USD pushing decent gains yesterday. However gold has once again managed to trade near $1800 and we believe slowly and steadily gold will try to climb back up. Currently gold bulls and bears are on level playing field with gold crashing below $1780 will give bears upper hand while prices above $1820 will give bulls upper hand. Today’s FOMC meetings might be the trigger to see who will gain upper hand. We recommend intraday any dip to go long with an expected target of 48000. Previous resistance of Rs.47300 has now become support and gold should hold its head above water as long as it is trading above its support of Rs. 47300.
Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers
London Gold, for the fifth straight session advanced and hit almost three week’s high before declining. A rebound in the dollar weighed on the safe-haven metal ahead of the release of minutes from the U.S. Federal Reserve’s June policy meeting. For intraday, outlook for MCX Gold August is positive amid weak rupee in the day session. We expect August contract to reach to Rs. 47,850 per 10 gram. Later in the session, market participants will be looking for clues as to when the Fed will begin to taper its pandemic-induced bond-buying spree amid a recovering economy, when minutes of the June meeting are published on Wednesday.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities
COMEX gold trades modestly higher near $1800/oz after a 0.6% gain in previous session. Gold is supported by inflation concerns, rising virus cases, mixed economic data from major economies and uncertainty caused by China’s crackdown on tech firms. However, weighing on price is weaker investor interest and Fed’s monetary tightening expectations. Gold may remain range bound ahead of FOMC minutes however prospect of Fed’s hawkish stance may keep pressure on prices.
Sandeep Matta, Founder, TRADEIT Investment Advisor
Precious metal seems to be in the process of switching its direction as after three weeks of sideways consolidation it crossed $1800 level yesterday though could not close above it. U.S. bond yields held near a two-week low while investors are watching for the Federal Reserve’s minutes to gauge the outlook for U.S. interest rates. Gold on MCX also made a stellar move and touched the 48000 mark and closed well above 47500 levels. It seems that prices have entered in the accumulation zone for the gold and any dip should be a buying opportunity until it breaches and close below 46500 level.
Key level for GOLD AUG Contract – 47678
Buy Zone Above – 47700 for the target of 48000-48300
Sell Zone Below – 47650 for the target of 473560-47028
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