Gold Prices Today, 1 September 2021: Gold prices trade flat; support at Rs 46800, analysts say buy on dips

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September 01, 2021 10:34 AM

Gold Rate Today, Gold Price in India on 1 September 2021: Gold prices were trading flat in India on Wednesday, following global rates as investors awaited a key US jobs report.

Gold Rate Today, Gold Price Today in IndiaGlobally, yellow metal prices held steady as investors awaited the US jobs report

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading flat in India on Wednesday, following global rates as investors awaited a key US jobs report. On Multi Commodity Exchange, gold October futures were trading flat with a negative bias at Rs 47,112 per 10 gram, as against the last close of Rs 47,120. Silver December futures were ruling at Rs 63,171 per kg, down Rs 195 or 0.31 per cent. In the previous session, silver futures ended at Rs 63,366. Globally, yellow metal prices held steady as investors awaited the US jobs report for clues on when the Federal Reserve might start reducing its pandemic-era stimulus measures, according to Reuters. Spot gold was steady at $1,813.93 per ounce, and US gold futures were down 0.2% to $1,815.10.

Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities

We have seen a shift in market sentiment amongst money managers as they have been positioning themselves based on the assumption that gold is moving higher. The recent increase of net long positions in gold resulted in an increase in their holdings by almost 30% compared to last week. Gold is comfortably moving above $1800 and the key statement from US Fed chairman which helped gold and equity market lift off was that the timing and pace of the coming reduction in asset purchases will not be intended to carry a direct signal regarding the timing of interest rate liftoff. Next trigger for gold would be jobs data for the month of Aug to be released this Friday. 46800 continue to be strong support and we don’t see any reversal on daily chart yet so we could go with the trend which is bullish. So buy on dips strategy is recommended and we may see gold prices either breaking $1825 on Friday or back to its range of $1785-$1810 depending on the jobs report number. Profit booking before the event is unlikely and so bias should be on long side in gold for traders.

Abhishek Chauhan, Head Commodities and Currency, Swastika Investmart

Weak consumer data yesterday helped Comex gold to move an inch high but is still trading in its sideways zone facing resistance at $1825-1835, if it manages to cross this level then a big upside move can be seen whereas immediate support is seen at $1800 and next support is at $1775. In Mcx gold, it is trading at its crucial support level of 47000 whereas resistance can be seen at 47400-47600.

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities

COMEX gold trades marginally lower near $1814/oz after a 0.3% gain yesterday. Gold is rangebound amid continuing debate over Fed’s monetary policy. Supporting the price is virus concerns, disappointing US and Chinese economic data and tensions in Afghanistan that is countered by continuing ETF outflows and general positive trend in equities. Gold may waver as market players may remain non-committal ahead of US jobs report however increasing challenges to the global economy may keep price supported.

Amit Khare, AVP- Research Commodities, Ganganagar Commodities

Gold and Silver are showing strength in daily chart and Momentum indicator RSI also giving positive signal, Gold is showing more strength corison to Silver, So traders are advised to create fresh buy positions in Gold and Silver near given support levels, traders should also focus important technical levels given below for the day :

October Gold closing price 47120, Support 1 – 46800, Support 2 – 46500, Resistance 1 – 47450, Resistance 2 – 47750.

December Silver closing price 63366, Support 1 – 62700, Support 2 – 62100, Resistance 1 – 64000, Resistance 2 – 64600.

(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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