Globally, yellow metal steadied as investors awaited US inflation data and minutes from the Federal Reserve’s last policy meetingGold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading flat in India on Wednesday, as global prices remained steady ahead of US inflation data. On Multi Commodity Exchange, gold December futures were trading at Rs 47,195 per 10 gram, and silver December futures were ruling at Rs 61,818 per kg, up Rs 232 or 0.38 per cent. Globally, yellow metal steadied as investors awaited US inflation data and minutes from the Federal Reserve’s last policy meeting for clues as to when the central bank would start withdrawing its pandemic stimulus. Spot gold was flat at $1,760.46 per ounce, and US gold futures rose 0.1% to $1,761.20.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
Gold saw modest gain yesterday as the IMF trimmed its 2021 global growth forecast to 5.9% from previously estimated 6% on the back of rising risks from supply chain bottlenecks and price pressures. This is the second time when gold failed to sustain at higher levels after positive news, the first was lower than expected US employment number. Today’s FOMC meeting minutes and US inflation number would be in focus. Any increase in inflationary pressure may give gold some tailwinds. The troubled Chinese property Giant, Evergrande, reportedly missed another big debt payment and traders are increasingly worried about a contagion effect. The US dollar and US Treasury still are strong so we are not expecting any strong gains from Gold. Support for gold in MCX today is at 46950 and resistance at 47450.
Tapan Patel, Senior Analyst (Commodities), HDFC Securities
Gold prices traded firm on Wednesday with spot gold prices at COMEX trading near $1761 per ounce in the morning trade. Gold prices held above $1760 per ounce on softer dollar and lower US bond yields. The dollar index was trading near 94.34, 0.18% down in the early trade. Gold prices traded with firm trading range ahead of US FOMC minutes and inflation data due later on the day. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1745 and resistance at $1775 per ounce. MCX Gold December support lies at Rs. 46900 and resistance at Rs. 47500 per 10 gram.
Ravi Singh, Vice President & Head of Research, Share India Securities
Stronger US dollar, expectation of Fed tapering and higher US Treasury yields have kept a downward pressure on Gold since June. However, the arising challenges in the recovery of the global economies and festive demand will increase the appeal of safe haven in coming weeks.
Buy Zone – 47100 for the target of 47380
Sell Zone Below- 46900 for the target of 46600
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities
COMEX gold trades marginally higher near $1762/oz after a 0.2% gain yesterday. Gold has continued to trade in a broad range near $1750/oz amid mixed factors and this may not change unless there are fresh triggers. On the positive side, gold has gained support from volatility in equity markets and slowing global growth as indicated by IMF’s latest economic outlook. However, weighing on gold price is higher US dollar and bond yields amid increased expectations of Fed’s monetary tightening. Gold may remain volatile amid mixed trade however with risk sentiment shaky we expect safe haven buying to keep prices supported.
(The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)
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