Gold may continue to waver amid choppy equities however increasing economic uncertainty may keep prices supported.Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading weak in India on Thursday, following international rates as the dollar held firm after remarks from a top US Federal Reserve official signalled the possibility of bringing forward policy tightening. On Multi Commodity Exchange, gold October futures were down Rs 12 at 47,880 per 10 gm. In the previous session, yellow metal traded higher but ended the session on a flat note. Silver September futures were ruling at Rs 67,498 pr kg, down Rs 103. Globally, spot gold fell 0.1 per cent to $1,809.96 per ounce, while US gold futures were down 0.1 per cent at $1,812.80.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
It was a roller coaster ride yesterday for Gold as ADP jobs reports came well below expectation and gold jumped to $1831 before giving up almost all of its gains to close, in essence unchanged. The reason for gold giving up all gains were better than expected data from the Institute of Supply Management (ISM). Market participants will focus intently on Friday’s numbers. There is anticipation of strong numbers on Friday but if the data report comes in as weak as the ADP report as we could expect the Federal Reserve to continue to maintain its extremely accommodative and dovish monetary policy, which would be bullish for gold prices. Gold traders have to be nimble in current market environment where they have to be on their toes because of extremely fast movement in short time. The gold market was dealt another blow after Federal Reserve vice-chair Richard Clarida said he supported raising interest rates in 2023. We remain bullish on gold and that dips should be bought with 47300 to be considered as support.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities
COMEX gold trades marginally lower near $1812/oz after a near flat close yesterday. Gold is pressurized by firmness in the US dollar amid some hawkish Fed comments. Weaker investor interest and slack retail buying has also put pressure on price. However, supporting price is safe haven buying amid rising virus cases, uneven economic recovery and concerns about Chinese economy. Gold may continue to waver amid choppy equities however increasing economic uncertainty may keep prices supported.
Hareesh V, Research Head Commodities, Geojit Financial Services
Spot gold corrected from a weekly high on stronger US dollar and comments from the top US Federal Reserve official about the possibility of tapering of economic stimulus measures. Meanwhile, a mixed economic release from the country and concerns over Delta variant of Covid 19 continue to offer support to the prices. Gold price is required to break $1835 to continue the positive momentum. Or else, there are chances of corrective selling, but major liquidation is seen only if there is a close below $1765.
Sandeep Matta, Founder, TRADEIT Investment Advisor
The 200 DEMA capped rallies as precious metal was hit with some selling pressure and gets hammered again around $1835 levels and closed mostly unchanged. Gold gave up all of its daily gains as momentum in the service sector was stronger than expected in July, basis latest data from the ISM. Gold on MCX also gave up all its day gain and closed below 48000 levels. The counter is stuck to the range and is going to be sensitive to momentum indicators, currency, bond yield and economic growth numbers while its inability to hold gain is worrying. The outlook for the today for precious metal is slightly bearish due to outperformance of Indian equity market.
Key level for GOLD AUG Contract – 48005
Sell Zone Below– 48000 for the target of 4653-47415
Buy Zone Above – 48025 for the target of 48245-48375
(The views in this story are expressed by the respective experts of 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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