Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold and silver prices in India fell on Wednesday even as the yellow metal held up above the key psychological level of $ 1,800. On Multi Commodity Exchange, October gold futures were down Rs 37,223 per 10 grams, from the previous close of Rs 47,260. Silver futures of December was at Rs 63,419 per kg, down from Rs 166. In the previous session, silver futures contracts ended at Rs 63,585. Globally, the yellow metal held steady at- above the key psychological level of $ 1,800 as the dollar and bond yields came under pressure after a more moderate-than-expected rise in inflation in the United States caused uncertainty as to when the US central bank will begin to reduce its asset purchases, according to Reuters. Spot gold was flat at $ 1,808.50 an ounce, after hitting a one-week high of $ 1,808.50 in the previous session. US gold futures fell 0.2% to $ 1,803.80.
Tapan Patel, Senior Analyst (Commodities), HDFC Securities
Gold prices traded stable with COMEX Spot gold prices were trading at close to $ 1,803 an ounce in the morning trade. Gold prices topped $ 1,800 an ounce after US CPI data was in line with expectations. The expected data from the US CPI will now feed the debate on the reduction of the FED. The stronger dollar could cap higher gold prices despite breaking the consolidation range above $ 1,803 per ounce. We expect gold prices to trade sideways to rise for the day with COMEX spot gold support at $ 1790 and resistance at $ 1815 an ounce. MCX Gold October support stands at Rs. 46,900 and resistance at Rs. 46,500 per 10 grams.
Ravindra Rao, CMT, EPAT, Vice President – Head of Commodity Research, Kotak Securities
COMEX gold is trading slightly lower to near $ 1,805 / oz after gaining 0.7% yesterday. Gold stopped near $ 1,800 / oz after yesterday’s gain, but remains supported by the wobbling US dollar, renewed concerns about the virus, disappointing economic data from China, concerns about the China’s regulatory crackdown and heightened geopolitical tensions. ETF investors went on the sidelines after brief inflows earlier in the week. Gold could see choppy trading with the US dollar, but growing challenges to the global economy and easing price pressure in the US could keep prices strong.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
Gold managed to hold above $ 1,800 as US consumer inflation fell 0.4% below forecast. The numbers put pressure on the US dollar and investors reacted as low inflation dampens the potential for the Federal Reserve to start cutting back on its monthly asset purchases later than soon. So gold has hit a one-week high, but the market is still awaiting guidance from the US Fed next week at their FOMC meeting, which will start cutting back on their asset purchases. Gold is expected to stay in a neutral range until the FOMC meeting is not concluded. US monetary policy will continue to be an essential support for the yellow metal. Today the buy on bottom strategy should be used for the expected move up to 47500. Intraday support is around 47000 in MCX.
Abhishek Chauhan, Head of Commodities and Currencies, Swastika Investmart
Comex gold is trading at its crucial resistance level of $ 1805- $ 1810 above these, it could move towards $ 1835. Weak inflation data in the United States and increasing cases of covid led to the surge in gold prices in the last trading session. In MCX gold it has resistance at 47500 and support at 46800.
Sandeep Matta, Founder TRADEIT, Investment Advisor
Gold surpasses $ 1,800 / oz after the release of the Consumer Price Index, a clear sign that inflationary pressures are still looming in the economy and that perhaps now is the right time to s ‘sit on cash or invest in safe haven. Gold’s technical setup is bullish while current resistance is first at $ 1809 and then at $ 1815.70, which is the 100-day moving average for gold. Gold on CMX also entered a bullish configuration after yesterday’s move, but the outlook is stable and limited today.
Key level for GOLD – 47067
Buy the area above – 47100 for the target of 47513-47767
Sell area below – 47050 for target of 46813-46690
(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.)