Gold price today, October 27, 2021: Gold is trading sideways, support at Rs 47,500; Bank of Japan and ECB meetings in sight


Globally, yellow metal prices eased, falling from the $ 1,800 mark. Image: Reuters

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading weakly in India on Wednesday, reflecting international rates. On Multi Commodity Exchange, December gold futures were ruling at Rs 47,780 per 10 grams, down from Rs 33. While December silver futures were trading flat at Rs 65,005 per kg. Globally, yellow metal prices eased, retreating from the $ 1,800 mark, as a stronger US dollar and high bond yields undermined the appeal of safe-haven bullion ahead of major ones. central bank meetings, according to Reuters. Spot gold fell 0.2% to $ 1,788.66 an ounce. US gold futures fell 0.2% to $ 1,790.60.

Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities

A routine downward correction is seen in gold whenever it hovers around $ 1,800. Yesterday’s drop can be attributed to modest profit taking. The robust stock market along with the strength of the US dollar capped gold gains. Gold has also struggled to attract safe-haven demand as stock markets continue to climb from record highs to new record highs. Inflation fears are still likely to continue to support gold as market participants expect more contributions from major central bank meetings, including the ECB on Thursday and the Bank of Japan. Another reason for the profit on gold was the confidence of the American consumers which increased more than expected. The position of the portfolio managers remains the same compared to last week and therefore we do not see any bullish momentum. Once speculators start adding long positions in gold, we believe it will implode above $ 1,825 soon. Gold intraday support in MCX is 47500 and resistance is 48150.

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Tapan Patel, Senior Analyst, Commodities, HDFC Securities

Gold prices traded lower on Wednesday, with COMEX spot gold prices trading down 0.23% to $ 1,789 an ounce in the morning trade. Gold prices fell back to barracks below $ 1,800 on Tuesday due to volatile US bond yields. Yields on 10-year US Treasuries jumped above 1.65%, currently holding near 1.62% for the day. We expect gold prices to trade sideways lower for the day with COMEX spot gold support at $ 1775 and resistance at $ 1810 an ounce. MCX Gold support for December is at Rs. 47,600 and resistance at Rs. 48,200 per 10 grams.

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

The market is focused on key Bank of Japan and European Central Bank (ECB) meetings scheduled for Thursday and policy decisions by the Federal Reserve and Bank of England next week. Investors are trading cautiously this week amid uncertainty over the timing of central bank rate hikes amid mounting inflationary concerns. After a continuous rally, gold posted profits yesterday which could last a few more trading sessions.

Buy area above – 48,000 for the 48,350 goal
Sell ​​the area below – 47700 for the target of 47400

Ravindra Rao, CMT, EPAT, Vice President – Head of Commodity Research, Kotak Securities

COMEX gold is trading slightly lower to near $ 1,790 / oz after falling 0.7% yesterday. Gold is under pressure from gains in the US dollar and continued strength in equity markets. However, the price support increases concerns about inflation, increasing virus cases, concerns about the Chinese real estate market and renewed US-China tensions. Rising Chinese imports and ETF inflows also show a pickup in buying interest. Gold is struggling to hold above the $ 1,800 / oz level and could remain volatile unless there are new triggers, but growing challenges in the global economy could keep bottoming out. the costs.

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(The opinions expressed in this story are expressed by the respective experts of the research and brokerage firm. The US Express News Online assumes no responsibility for their advice. Please consult your investment advisor before investing.)

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