Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were seen struggling on Tuesday, as yellow metal in global markets steadied after hitting a one-week low in the previous session. On Multi Commodity Exchange, gold August futures were trading Rs 59 up at Rs 47,833 per 10 gram, as against the previous close of Rs 47,774. Silver September futures were ruling at Rs 69,490 per kg, up Rs 115 or 0.8 per cent. Silver futures settled at Rs 69,375 per kg in the previous session. Globally, gold prices steadied on Tuesday after hitting a one-week low in the previous session, as the dollar weakened slightly ahead of US inflation data that could offer clues about the likely timing of policy tightening by the Federal Reserve. Spot gold rose 0.1% to $1,807.22 per ounce. It fell to its lowest level since July 6 of $1,790.49 on Monday. US gold futures were up 0.1% to $1,808.1, according to Reuters.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
Gold is struggling to sustain above $1812 and what is surprising is that there are plenty of tailwinds for gold to push prices higher. This past week we saw real interest rates drop below -1% for the first time since April. China on Friday cut interest rates and lowered reserve requirements for banks, unleashing around 1 trillion yuan back into the economy. Despite all this positive news, gold is remaining lackluster after climbing to $1800. With US treasury yields dropping at 1.3%, gold should easily be trading above $1850. The Federal Reserve Chairman Jerome Powell will speak to Congress this week with an update on the Fed’s current monetary policy. We are neutral to positive in gold and today’s US CPI numbers will give further direction to gold. A significantly higher US CPI number from June could spark market’s tapering fears, which would weigh on gold. 47500 is the support that is appearing to be the saving grace for bulls while 48100-48200 seems to be strong resistance for gold market.
NS Ramaswamy, Head of Commodities, Ventura Securities
Technically MCX Gold Aug prices are looking positive for intraday. However, price going to trade in a sideways movement (48,300 to 47,300) level. On the other hand, the ADX indicator continues to fall below 20 levels which suggest that choppy movement can be expected in the gold prices for the next few days. Going forward, we expect the next leg of movement will start only breaking above/below these levels. On the upside, MCX gold price is facing strong resistance at 200-day moving average (48300) similarly, on the downside, it will take strong support at 20-day moving average (47,300) levels. Moving forward, we expect the next few days gold prices are going to hover around these two moving averages.
Rahul Gupta, Head of Research-Currency, Emkay Global Financial Services
The focus is on US CPI data which is due tonight and then on Fed Powell’s semi-annual congressional testimony on Wednesday and Thursday. This could provide fresh clues about the US central bank’s near-term monetary policy outlook and play a key role in determining the next leg of the yellow metal. In the meantime, gold will remain on an edge tracking the dynamics in US dollar. Any dovish reiteration by Powell will scale back the tapering worries, giving boost to gold prices. MCX Gold prices hit a low of 47477 levels yesterday but prices recovered to close at 47774. The counter needs to trade above 48000 levels consistently to see a bounce towards 48180/48300 areas again. Areas around 47700 are immediate support on dips for the day. A decisive break below this level will see prices slip towards 47477/47345 levels.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities
COMEX gold trades marginally lower near $1805/oz after a 0.6% gain on Friday. Gold eased as US bond yields came off the lows amid stability in equity markets. Also weighing on price is weaker investor interest and Fed’s monetary tightening expectations. However, supporting price is rising virus concerns, US-China tensions and inflationary concerns. Gold may remain choppy amid lack of fresh cues however increasing challenges may improve safe haven appeal.
Abhishek Chauhan, Head Commodities and Currency, Swastika Investmart
Gold prices opened at Rs 47858. Market participants will look at US inflation data today and Federal Reserve Chair Jerome Powell’s economic testimony in the coming two days as they gauge expectations for the Fed to dial back on stimulus as soon as this year. US Dollar is witnessing Range bound movement and unable to sustain at higher levels giving support to Gold prices. Gold in MCX is sustaining above 200 daily EMA. However, US 10 year yield also rebounded from lower levels keeping gold prices in a narrow range. Gold has support at 47400 and resistance at 48000. Silver has support at 68400 and resistance at 70100.
(The views in this story are expressed by the respective experts of research and brokerage firm. The Outlooker Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)
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