Gold Rate Today, Gold Price on 9 September 2022: old gets costlier on fall in US Dollar; check MCX support, resistance - Gold Price Forecast, Gold Price Outlook | The Financial Express

Gold Price Today, 9 September 2022: Gold gets costlier on fall in US Dollar; check MCX support, resistance

Gold Rate Today, Gold Price in India on 9 September 2022: Gold prices in India were trading higher on Friday, as rates in the international market soared.

Gold Price Today, 9 September 2022: Gold gets costlier on fall in US Dollar; check MCX support, resistance
Gold prices traded higher on Friday with spot gold prices at COMEX were trading over half a percent up

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading higher on Friday, as rates in the international market soared. On Multi Commodity Exchange, gold October futures were ruling Rs 186 or 0.4 per cent up at Rs 50,542 per 10 gram. Silver December futures were up Rs 654 or 1.2 per cent to trade at Rs 54,935 per kg. Globally, yellow metal prices rose, helped by a dip in the dollar, but expectations of more interest rate hikes capped further gains as U.S. Federal Reserve Chair Jerome Powell reiterated the central bank’s commitment to tame inflation, according to Reuters. Spot gold rose 0.4% to $1,713.62 per ounce, while U.S. gold futures were up 0.3% at $1,724.90.

Also read: Rupee to remain steady amid strong dollar, rise in risk tolerance in markets; USDINR to trade in this range

Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services

Gold prices rose helped by a dip in the dollar, but expectations of more interest rate hikes capped further gains as U.S. Federal Reserve Chair Jerome Powell reiterated the central bank’s commitment to tame inflation. The dollar index was down 0.3%, having hit its lowest level in a week; while U.S. 10Y yields continue to trade higher. The European Central Bank raised its key interest rates by an unprecedented 75 basis points and promised further hikes, to combat inflation even as the bloc is likely heading towards a winter recession and gas rationing, this action weighed on the metal prices. Governor Powell in his speech mentioned that the Fed is “strongly committed” to fighting inflation and remains hopeful that can be done without the “very high social costs” involved in prior campaigns to control surging prices. 

Comments from other Fed officials are scheduled today as well, which could be on the same lines as of Fed Governor. The number of Americans filing new claims for unemployment benefits fell last week to a three-month low, underscoring robustness of the labor market. Economic calendar is muted for the day, w.r.t U.S. Broader trend on COMEX could be in the range of $1700-1750 and on domestic front prices could hover in the range of Rs 50,200- 50,950.

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Tapan Patel, Senior analyst — Commodities, HDFC Securities

Gold prices traded higher on Friday with spot gold prices at COMEX were trading over half a percent up near $1720 per ounce in the morning trade. MCX Gold October futures opened higher near Rs. 50542 per 10 gram following strong global cues. Gold prices recovered on the weaker dollar which was trading 0.65% down at 109 against six major currencies. The market players digested hawkish remarks from the US Fed on global slowdown worries. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1710 and resistance at $1730 per ounce. MCX Gold October support lies at Rs 50200 and resistance at Rs 50800 per 10 gram.

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

Gold prices dipped after ECB raised interest rates by an unprecedented 75 basis points to tame the uncontrolled inflation even as the Eurozone is likely heading towards a winter recession and gas rationing. As more future rate hikes on cards, the steep rise in dollar triggered sell of in gold.

Buy Zone Above – 50500 for the target of 50700

Sell Zone Below – 50100 for the target of 49900

(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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