Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices edged higher in India on Wednesday, following global markets helped by a subdued dollar ahead of US jobs data. On Multi Commodity Exchange, gold October futures rose Rs 65 or 0.14 per cent to Rs 47,929 per 10 gram, as against the previous close of Rs 47,916. Silver September futures were seen ruling above Rs 68,000, rising Rs 186 or 0.27 per cent to Rs 68,100 per kg. In the previous session, silver ended at Rs 67,914 per kg. Globally, gold prices were up, but bobbled in a narrow range as investors awaited signals from U.S. jobs data on the labour market recovery. Spot gold rose 0.2 per cent to $1,814.27 per ounce, while US gold futures were 0.1 per cent up at $1,816.00.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
Market participants are waiting for the next big event in the form of US Labour department job data on Friday. Gold prices have been consolidating in narrow range as recent action has been muted at best. After last week’s rally from $1803 to $1831, gold is suffering from lack of conviction as renewed selling pressure is evident near $1830. The precious metal is finding no support from a weaker U.S. dollar or low bond yields. In MCX, gold has support around Rs. 47800 followed by Rs. 47500 and Rs. 47300. As long as Rs.47000 is not breached, bias still remains bullish with expected target of Rs. 48300. For intraday, we would recommend a buy on dips strategy with stoploss of 47500.
Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers
For intraday, MCX Gold October future is expected to remain range bound. The gold market appears to be stuck. Bullion futures are trading in a narrowing range, with the difference between daily high and low prices shrinking. The metal is caught in a tug-of-war as traders weigh a plunge in inflation-adjusted interest rates that’s supporting gold against worries that the Federal Reserve could soon start to scale back its massive economic stimulus program, and many are waiting to see whether Friday’s U.S. payrolls report will sway monetary policy and help break the deadlock.
Holding at the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.2% to 1,027.97 tonnes on Tuesday from 1,029.71 tonnes on Monday. The ADP jobs data due later in the day could set the stage for the much awaited Friday’s U.S. non-farm payroll numbers. MCX Gold October Future may stay in a range from Rs. 47,750 to Rs. 48,100 per 10 gram.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities
COMEX gold trades marginally higher near $1816/oz after a 0.4 per cent decline on Wednesday. Gold has continued to trade in a range above $1800/oz amid choppiness in equities and US dollar and uncertainty ahead of the US jobs report. However, supporting prices are rising virus cases, concerns about Chinese economy and uneven economic recovery. ETF outflows however show weaker investor interest. Gold may remain choppy along with equities however rising concerns about China and virus spread may keep prices supported.
Sandeep Matta, Founder, TRADEIT Investment Advisor
The gold prices continue to trade under pressure and trading below all the leading momentum indicator maintaining crucial support at $1790 an ounce. Market participants are eyeing on US non-farm payrolls data to be released on this Friday while precious metal is like to trade directionless in absence of any fresh catalyst.
Gold on MCX is traded negatively and closed below the key psychological level of 48000 while completely ignoring the low growth-high inflation scenario globally. Indian equity indices have made a record high keeping precious metal market participants a bit nervous. Our view on gold is neutral today as the prices are going nowhere and becoming purely a day trader’s play while respecting all key pivotal level both the sides.
Key level for GOLD AUG Contract – 47886
Buy Zone Above – 47900 for the target of 47998-48078
Sell Zone Below– 47875 for the target of 47782-47705
(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.)