Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold and silver prices in India fell on Wednesday, even as the yellow metal held above the key psychological level of $ 1,800. On the Multi Commodity Exchange, October gold futures were down 37 rupees to 47,223 rupees per 10 grams, compared to the previous close of 47,260 rupees. December silver futures were trading at Rs 63,419 per kg, down Rs 166. In the previous session, silver futures ended at Rs 63,585. Globally, the yellow metal held above the key psychological level of $ 1,800 while the dollar and bond yields came under pressure after a softer than expected rise in US inflation generated. Uncertainty about when the US central bank will start reducing its asset purchases, according to Reuters. Spot gold was flat at $ 1,802.86 per ounce, after hitting a one-week high of $ 1,808.50 in the prior session. US gold futures were down 0.2% at $ 1,803.80.
Tapan Patel, Senior Analyst (Commodities), HDFC Securities
Gold prices traded steady with COMEX Spot gold prices were trading close to $ 1803 per ounce in the morning. Gold prices rose above $ 1800 an ounce after US CPI data matched expectations. Expected US CPI data will now fuel the debate on phasing out the Fed. The stronger dollar may cap gold prices higher despite the breakout of the consolidation range above $ 1803 per ounce. We expect gold prices to trade sideways higher during the day with COMEX spot gold support at $ 1790 and resistance at $ 1815 per ounce. MCX Gold October support is at Rs. 46900 and resistance at Rs. 46500 for 10 grams.
Ravindra Rao, CMT, EPAT, Vice President of Commodity Research, Kotak Securities
COMEX gold is trading marginally lower near $ 1805 / oz after a 0.7% gain yesterday. Gold has paused near $ 1800 / oz after yesterday’s gain, but remains underpinned by US dollar turmoil, renewed virus concerns, disappointing economic data from China, concerns about China’s regulatory crackdown and increasing geopolitical tensions. ETF investors stayed on the sidelines after brief entries earlier in the week. Gold may witness choppy trade alongside the US dollar, however growing challenges to the global economy and easing price pressure in the US may keep prices sustained.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
Gold managed to stay above $ 1800 as US consumer inflation fell below the forecast of 0.4%. The figures put pressure on the US dollar and investors reacted as low inflation reduces the potential for the Federal Reserve to start reducing its monthly asset purchases later than before. So gold hit a one-week high, but the market is still waiting for some guidance from the US Fed next week during its FOMC meeting on when it will start to reduce asset purchases. Gold is expected to remain stuck in a neutral range until the FOMC meeting concludes. US monetary policy will continue to be a fundamental support for the yellow metal. Today’s downturn strategy should be used for the expected move to 47500. Intraday support is around 47000 on MCX.
Abhishek Chauhan, Head of Commodity and Currency, Investmart swastika
Comex gold is trading at its crucial resistance level of $ 1805- $ 1810 above these, it may move towards $ 1835. Weak US inflation data and rising covid cases led to rising prices. gold prices in the last trading session. In MCX gold, it has resistance at 47500 and support at 46800.
Sandeep Matta, founder of TRADEIT, investment advisor
Gold rises above $ 1800 / oz after the release of the consumer price index, clearly indicating that inflationary pressures are still hanging over the economy and perhaps the right time to sit down with cash or invest in a safe haven. The technical setup for gold is bullish, while the current resistance resides at $ 1809 first and $ 1815.70 second, which is gold’s 100-day moving average. Gold on CMX has also re-entered a bullish setup after yesterday’s move, however the outlook is stable and in range today.
Key level for GOLD – 47067
Buy Zone Above – 47100 for the target of 47513-47767
Lower Sell Zone: 47050 for 46813-46690 target
(Opinions in this story are expressed by the respective experts at the brokerage and research firm. Financial Express Online assumes no responsibility for their advice. Consult your investment advisor before investing).