Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading firm on Friday, as global rates gained buoyed by a weaker dollar. On Multi Commodity Exchange, gold October futures were trading at Rs 47,070 per 10 gram, up Rs 80 or 0.17 per cent. While silver December futures were up just Rs 53 at Rs 63,338 per kg. In the previous session, gold ended at Rs 46,991 and silver at Rs 63285. Globally, yellow metal prices eked out small gains on Friday, on the back of a weaker dollar, with investors awaiting the US jobs data to gauge the Federal Reserve’s plans to start tapering asset purchases, according to Reuters. Spot gold rose 0.1% to $1,811.79 per ounce, but was headed for its first weekly decline in four. US gold futures gained 0.2% to $1,814.80.
Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers
London spot Gold ended marginally lower at $1,809.66 an ounce, fell to below $1810 an ounce, but still remained not far from a 4-weeks high, as traders await the payrolls release on Friday for an update on the American labour market recovery. MCX gold October future may stay in a tight range as traders are keenly focusing on U.S. nonfarm payrolls data. The Labor Department will release the non-farm payrolls report for August at 18.00.00 pm IST. Solid jobs recovery is an important criteria for the U.S. central bank to start paring pandemic-era stimulus measures. We expect the evening session to be more volatile for the yellow metal. However, MCX Gold October futures may stay in a range from Rs 46,850 to Rs. 47,150 per 10 gram during the day session. MCX Bulldex for September may appreciate to Rs. 14,200 since sentiment is positive ahead of key US economic data.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities
COMEX gold trades marginally higher near $1815/oz after a 0.2% decline yesterday. Gold trades higher supported by weaker US dollar and safe haven buying amid mixed economic data, slowdown in China, persisting virus risks and rising inflationary pressure. However, weighing on price is weaker investor interest as is evident from continuing ETF outflows. Firmness in equities has also reduced gold’s appeal as an alternative asset. Gold may remain choppy amid Fed uncertainty but increasing risks to global economic recovery may keep prices supported.
Abhishek Chauhan, Head Commodities and Currency, Swastika Investmart
COMEX Gold rates are steady ahead of US non-farm payrolls data as it is crucial to the Federal Reserve’s tapering plan and are trading in its sideways zone facing resistance at $1820 whereas near term support is at $1800. In MCX Gold is trading on a positive note but on a sideways note where immediate resistance is at 47350 and support at 46900.
Amit Khare, AVP- Research Commodities, Ganganagar Commodities
Gold and Silver charts are showing strength in daily chart and Momentum indicator RSI also giving positive signal, Gold is showing more strength comparison 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: Rs 46991, Support: 46800 – 46650, Resistance: 47170 – 47350.
December Silver closing price: Rs 63285, Support: 62600 – 62000, Resistance: 63900 – 64400.
Sandeep Matta, Founder, TRADEIT Investment Advisor
Gold prices continue to struggle to find momentum despite plenty of bullish sentiments such as dollar weaking, falling yields and positive fed commentary. Bulls have some technical advantage however producing a closing above $1835/oz is still a challenge for market participants.
Gold on MCX has also dropped below 47000 and finding it difficult to maintain above 47500 levels. Employment data release from the US is the key event for the market participants which is expected to come lower than expectation and may bring new life to gold prices. Participants who have strategic position are advised to hedge it while tactical positions must be align to key pivotal levels either side proactively during the day.
Key level for GOLD – 47033
Buy Zone Above – 47050 for the target of 47166-47341
Sell Zone Below – 47025 for the target of 46858-46714
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