Gold prices today, gold price forecast, gold price forecast: Gold prices in India fell on Wednesday, reversing the weakness in international prices of a stronger US dollar. On the Multi Commodity Exchange, the December gold futures contract was trading at Rs 102, or 0.22 per cent, at Rs 46,655 per 10 grams. Yesterday, it closed at Rs 46,757 per 10 grams. Silver futures for December were ruling 242 rupees, or 0.40 per cent, at 60,744 rupees per kilogram, against the previous close of 60,986 rupees per kilogram. Globally, prices of the yellow metal fell slightly as a stronger dollar and higher US Treasury yields affected the allure of the precious metal, as investors focused on US non-farm payrolls data due later this week, according to Reuters. Globally, spot gold was down 0.1 percent at $1,758.06 an ounce, while US gold futures were down 0.1 percent at $1,758.40.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
After three consecutive days of higher closes, gold saw some profit taking yesterday due to higher yields and gains in US stocks and the strength of the US dollar ahead of the US employment data for September on Friday. The US service sector also saw stronger than expected momentum which helped US stocks and the dollar higher. The dollar traded higher for the first time in four days. Friday’s jobs report will have a strong impact on financial markets and shape the future direction of stocks as well as gold prices. A strong jobs report may push gold prices lower. MCX Gold is likely to remain in the 46200-46900 range until Friday’s jobs report. MCX Gold has some support in the form of weak INR.
Taban Patel, Senior Analyst (Commodities), HDFC Securities
Gold prices traded weak on Wednesday, with Comex spot gold trading near $1,755 an ounce in morning trading. Gold prices saw selling as the dollar rose and US bond yields rose. The 10-year US Treasury yield rose to 1.55%, which pushed gold prices lower. However, persistent inflation concerns about the rising cost of energy limited the decline in gold prices. Traders and investors are also awaiting today’s ADP payroll data to gauge the key non-farm payrolls data due out on Friday.
We expect gold prices to trade sideways down today with COMEX Gold spot support at $1,740 and resistance at $1,770 an ounce. MCX Gold support for December is at Rs. 46500 and resistance at Rs. 46900 per 10g.
Jigar Trivedi, Research Analyst – Commodity Fundamentals, Anand Rathi Equities & Stock Brokers
Gold may continue to decline as investors remain cautious ahead of the US Non-Farm Payrolls data due on Friday which is expected to come in at a higher note at 488K. Those numbers, if met, could comfortably pave the way for the Fed to announce taper plans at the November meeting. A higher-than-expected US services PMI reading for September and prospects of asset downsizing may boost dollar and treasury yields, which may eventually turn negative for the non-yielding yellow metal. MCX Gold futures for December may drop to Rs 46,400 per 10 grams per day.
Ravi Singh, Vice President and Head of Research, Share India Securities
Gold prices fell marginally yesterday in range-bound trading. It may trade between 46500 and 46850 with some bullish bias today. India imported 91 tons of gold in September, compared with 12 tons a year earlier.
Buy zone above – 46850 for target 47300
Selling area below – 46500 to target 46200
(Opinions in this story are expressed by the relevant experts of the research and brokerage firm. Financial Express Online takes no responsibility for their advice. Please consult your investment advisor before investing.)