Gold prices today, gold price forecast, gold price forecast: Gold prices were trading lower in India on Tuesday, reflecting international prices. On the Multi Commodity Exchange, December gold futures were trading at Rs 80, or 0.16 per cent, down at Rs 48,140 per 10 grams, against the previous close of Rs 48,200. Silver futures for December ruled at Rs 65,960 per kilogram, down 180 rupees, or 0.27 per cent. In the previous session, the silver futures contract expired at Rs 66,139 per kilogram. Globally, the yellow metal is down, weighed down by a stronger dollar as investors look ahead to the upcoming major central bank meetings this week. Spot gold fell 0.1 percent to $1,805.96 an ounce. US gold futures settled at $1,806.60.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
Gold is trading above $1800 as hyperinflation fears dominate the market. Despite the US Federal Reserve’s statement that inflation is temporary, market participants do not see the Fed as standing at the front of the inflation curve. In May, when inflation was on the rise, the US Federal Reserve stated that inflation is temporary and will disappear by the end of this year, and now they repeat saying that inflation will continue until the middle of next year and until the end of next year, and it is clear that gold prices are still standing. You will benefit from this. There is nothing the Fed can do to fix the supply chain because this is not inflation driven by consumer demand but by supply constraints. It is only a matter of time before gold collapses above $1,835. The only reason gold is not above $1,815 is because hedge funds are reluctant to jump into gold now. Their net long positions are clearly unchanged from last week, and speculators are waiting for further confirmation before jumping into the precious metal. In MCX, daily support comes in around 47900 while resistance comes in at 48300. The bias remains on the buy side and participants can only take their long positions with 47900 stop loss.
Ravindra Rao, CMT, EPAT, Vice President of Commodity Research, Kotak Securities
Comex gold is trading slightly lower near $1805/oz after a 0.6% gain yesterday. Gold rose to $1800 an ounce indicating upward momentum and still supported by inflation fears, growth fears and renewed virus fears. However, the effect on the price is continued strength in the stock markets and weak investor interest as evidenced by the outflows from ETFs. Gold may continue to see choppy trade amid mixed factors, but the general bias may be to the upside amid growing challenges to the global economy.
Ravi Singh, Vice President and Head of Research, Share India Securities
MCX Gold is technically in a very strong uptrend taking cues from Comex Gold which were also supported by growing concerns about problematic price inflation in the US. The increasing demand for domestic gold due to improved retail buying and increased uptake in jewelery showrooms due to lucrative discounts and offers has kept prices in check.
Buying area – 48000 to target 48350
Selling area below – 47900 for a target of 47600
Buy zone above – 47300 for the target 47500
Selling area below – 47100 to a target of 46900
(Opinions in this story are expressed by the relevant experts of the search and brokerage firm. Financial Express Online takes no responsibility for their advice. Please consult an investment advisor before investing.)