Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading flat in India on Wednesday as international rates remained steady ahead of US jobs data due later this week. On Multi Commodity Exchange, gold August futures were trading flat, below the crucial Rs 47,000-mark, at Rs 46,550. In the previous session, gold futures ended at Rs 46,555 per 10 gram. Silver September futures were ruling at Rs 68,340 per kg, up Rs 66 or 0.10 per cent, as against the previous close of Rs 68,274 per kg. Globally, spot gold was steady at $1,761.80 per ounce, and US gold futures fell 0.1 per cent to $1,761.80. For the month, prices were down 7.6 per cent. For the quarter, gold had risen 3.2 per cent. Gold prices were set to post their worst month since November 2016 on the US Federal Reserve’s shift to a hawkish policy stance, according to Reuters.
Bhavik Patel, Senior Technical Research Analyst at Tradebulls Securities
Gold prices were trading at 2 month low as U.S. consumer confidence index came in better-than-expected in June and is now to pre-pandemic levels. Gold prices remain under strong pressure as market participants are active sellers as yields for government debt instruments have seen an increase. Increased yields along with dollar strength were contributing factors to lower pricing in gold yesterday. Higher short-term inflation expectations are not impacting the consumer mindset just yet. Traders will closely watch the consumer optimism survey as it is a potential leading indicator for economic growth and as more consumers plan to buy homes, automobiles, major appliances or going on vacations, the more support economy will get. Right now gold bears have near term technical advantage as it managed to breach its support level of 46600 in MCX. The key to the future direction of gold will be Friday’s jobs report by the U.S. labor department and if the data comes higher than expected, expect more selling pressure in gold. Rs 47100 continues to remain hurdle for gold on higher side while now support has shifted from Rs 46600 to Rs 46000. We don’t expect any strong rebound in gold before Friday’s US NFP data.
Rahul Gupta, Head of Research-Currency at Emkay Global Financial Services
MCX Gold prices broke below their trading range yesterday and the counter hit a low of 46330 levels. Prices recovered to close at 46555 levels. The dollar index is showing some strength ahead of the US NFP data and also on safe-haven buying, stoked by fears that the highly contagious Delta variant, amid worries about the economic impact. Also, there are speculations of better than expected US NFP data, which should increase calls for higher interest rates. This would lead to a stronger dollar, pressuring gold prices further. A labor market disappointment should provide short-term support for gold. Till then, intraday strength above 46800 will see the bounce extend towards 46945-47100 areas. The bias will stay negative until then and prices will slip towards 46300 areas again. Weakness below 46300 will open targets of 46125/46010 levels for the counter.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities
COMEX gold trades little changed near $1764/oz after a 1% decline yesterday. Gold remains pressurized by Fed’s monetary tightening expectations and US economic optimism which has underpinned US dollar. ETF investors also moved to sidelines. However, supporting price is renewed virus concerns and mixed economic data from major economies. Gold may witness choppy trade but general bias might be weak owing to Fed’s tightening expectations.
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