Gold Price Today, 7 October 2021: MCX gold to trade sideways on Thursday, support at Rs 46500

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October 07, 2021 10:21 AM

Gold Rate Today, Gold Price in India on 7 October 2021: Gold prices were trading weak on Thursday, on the back of flat prices in the international prices.

Gold Rate Today, Gold Price Today in IndiaThe higher US Treasury yields on the expectations of rising inflation and expectation of sooner Fed’s tapering is weighing heavily on Gold prices.

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading weak on Thursday, on the back of flat prices in the international prices. On the Multi Commodity Exchange, gold December futures were trading Rs 70 or 0.15 per cent down at Rs 46,837 per 10 gram, against the last close of Rs 46,907 per 10 gram. Silver December futures were flat with a positive bias at Rs 61,021 per kg. Globally, yellow metal prices were flat on firm dollar, as investors moved to the sidelines ahead of a US payrolls report that is expected to provide clues on the Federal Reserve’s tapering timeline. Spot gold was flat at $1,761.36 per ounce, while U.S. gold futures were little changed at $1,763.10.

Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities

Gold saw fraction gain yesterday even with better than expected ADP non-farm payroll data and moderate gain from US Dollar. It looks as though market participants are on the sidelines as they await for US labour data on Friday. There are headwinds for gold in form of higher US Treasuries and strong US dollar as the Fed is getting ready for starting their unwinding of asset tapering, however record energy prices are pushing inflation expectation higher which will give tailwinds to gold prices. Should Friday’s NFP exceed market expectations then we could see spot gold break down through its month-to-date range and retest the end-September lows around $1720. In MCX, gold has support at 46500 while resistance at 47200. Bias today remains on the long side.

Tapan Patel, Senior Analyst (Commodities), HDFC Securities

Gold prices traded steady on Thursday with COMEX Spot gold prices were trading near $1758 per ounce in the morning trade. Gold prices witnessed recovery on Wednesday supported by fall in US bond yields and weak global indices over inflation worries. Gold prices may get some support from higher input cost and inflation concerns along with weaker dollar for the day. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1740 and resistance at$1770 per ounce. MCX Gold December support lies at Rs. 46700 and resistance at Rs. 47100 per 10 gram

Abhishek Chauhan, Head of Commodity & Currency, Swastika Investmart

In COMEX gold is trading in a sideways zone where resistance is at $1772 and support at $1750. The dollar which measures the basket of six major currency rose to 0.56% putting pressure on precious metals. Strong US ADP non-farm employment change data fuelling the concern of sooner than estimated tapering and increasing interest rate. In MCX Gold is also trading at its resistance level where any upside side move is expected above 47000 and support is seen at 46600.

Ravi Singh, Vice President & Head of Research, Share India Securities

The higher US Treasury yields on the expectations of rising inflation and expectation of sooner Fed’s tapering is weighing heavily on Gold prices. Now the attention is turning towards the US jobs data to decide the next direction in gold price.

Buy Zone Above – 46800 for the target of 47300
Sell Zone Below – 46600 for the target of 46300

(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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