Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were firm in India on Tuesday even as the yellow metal traded flat in the international market. On the Multi Commodity Exchange, December gold futures rose Rs 96 or 0.20% to Rs 47,147 per 10 grams. In the previous session, gold finished at Rs 47,051. December silver futures fell by Rs 141 or 0.23% to Rs 61,603 per kg. In the previous session, silver ended at Rs 61,744. Globally, gold traded flat at the start of Asian trading as the dollar remained firm on Federal Reserve expectations. will announce a reduction in its bond purchases next month. Spot gold was unchanged at $ 1,753.77 an ounce, while US gold futures were little changed at $ 1,754.90.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
Since June, gold has been stuck in a downtrend, with a stronger US dollar and higher US Treasury yields keeping price pressure on. The three reasons for gold’s underperformance are the strength of the US dollar, the likelihood that the Fed will reduce its assets from November, and the rise in US Treasury yields. Gold has also struggled against the rise of Bitcoin cryptocurrencies. Rising inflationary pressure from a rally in commodity and crude prices is not benefiting gold as people flock to the safe haven asset of US Treasury and US dollar yields. Gold and Bitcoin have a negative correlation and therefore with the rise in Bitcoin prices, a large amount of speculative money changes from gold to Bitcoin. Some central banks have started raising interest rates like South Korea, Brazil, Norway and New Zealand and with such inflationary pressure the world will have to follow suit, so the direction would be towards tightening and not a relaxation.
Tighter monetary policy is generally bad news for gold as it triggers higher yields on government bonds. In MCX due to the weakness of the rupee gold looks strong on the short term chart but in COMEX the trend is still negative. The range for today is probably between 46900 and 47350.
Ravi Singh, Vice President and Head of Research, Share India Securities
Gold Mcx closed yesterday on a positive note. gold can stay in a narrow range between 46850 and 47200 with a bias towards the long side.
Buy the area above – 47100 for the 47350 lens
Sales area below – 46850 for the target of 46550
NS Ramaswamy, Head of Commodities, Ventura Securities
MCX GOLD DEC prices are now trading below key averages on the daily chart. The RSI indicator is also trading in a bearish area, suggesting further weakness in the meter. Prices are likely to trade with a negative bias only for the intraday. If prices fall below the 45,900 level based on the hourly close, we could see prices drop to the 45,500 level for the day. On the upside, key resistance is seen at the 46,400 level which is the 100 EMA level on the hourly chart for the day.
Ravindra Rao, CMT, EPAT, Vice President – Head of Commodity Research, Kotak Securities
COMEX gold is trading slightly higher near $ 1758 / oz after falling 0.1% yesterday. Gold saw a brief rally on Friday in reaction to US non-farm wage data, but fell back to trade in a narrow range near the $ 1,750 / oz level. Gold weighs on the strength of the US dollar index amid higher bond yields, expectations of monetary tightening and safe-haven purchases. Gold could continue to trade within a range, as the Fed’s monetary tightening expectations could be thwarted by inflation and growth concerns.
(The opinions expressed in this story are expressed by the respective experts of the research and brokerage firm. The Bharat Express News Online assumes no responsibility for their advice. Please consult your investment advisor before investing.)
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