Gold price today, gold price on October 12, 2021: Gold may trade in the range of Rs 46900-47350, buying may lead to lower levels – Gold Price Forecast, Gold Price Forecast – News Couple

Gold price today, gold price on October 12, 2021: Gold may trade in the range of Rs 46900-47350, buying may lead to lower levels – Gold Price Forecast, Gold Price Forecast

Gold looks strong on the short term chart but in the Comex, the trend is still sideways to negative. Photo: Reuters

Gold prices today, gold price forecast, gold price forecast: Gold prices were trading flat in India on Tuesday, even as the yellow metal traded flat in the international market. On the multi-commodity exchange, gold futures for December were up Rs 96, or 0.20 per cent, at Rs 47,147 per 10 gram. In the previous session, gold finished at Rs 47,051. Silver futures for December fell 141 rupees, or 0.23 per cent, to 61,603 rupees per kilogram. In the previous session, silver finished at Rs 61.744. Globally, gold traded flat in early Asian trading as the dollar settled on expectations that the Federal Reserve will announce a reduction in its bond purchases next month. Spot gold was unchanged at $1,753.77 an ounce, while US gold futures were little changed at $1,754.90.

Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities

Since June, gold has been stuck in a downtrend, with the US dollar rising and US Treasury yields rising, continuing to pressure prices. Three reasons for the weak performance of gold are the strength in the US dollar, the possibility of the Fed cutting its assets starting in November and the rise in US Treasury yields. Gold has also been fighting against the rise of the cryptocurrency Bitcoin. Increased inflationary pressure due to rise in commodity prices and crude oil is not benefiting gold as people flock to safe haven assets from US Treasury yields and the US dollar. Gold and Bitcoin are negatively correlated, thus as the price of Bitcoin rises, a large amount of speculative money moves from gold to Bitcoin. Some central banks have started raising interest rates like South Korea, Brazil, Norway and New Zealand, and with such inflationary pressures, the world will have to follow suit, so the trend will be towards tightening, not easing.

Tight monetary policy is usually bad news for gold because it leads to higher government bond yields. In MCX, due to weak rupee, gold looks strong on short term chart but in COMEX, trend is still sideways to negative. The range for today is likely to be between 46900-47350.

Ravi Singh, Vice President and Head of Research, Share India Securities

Gold Mcx closed yesterday on a positive note. Gold may remain in a narrow range between 46850 – 47200 with a tendency to buy.

Buy zone above – 47100 for the target 47350
Selling area below – 46850 to target 46550

NS Ramaswamy, Head of Commodities, Ventura Securities

MCX GOLD DEC prices are now trading below the major averages on the daily chart. The RSI is also trading in a bearish territory indicating further weakness in the counter. Prices are likely to trade with a negative bias only during the day. If prices drop below 45900 on an hourly close basis, we could see prices head lower towards 45500 intraday. On the upside, key resistance is seen at the 46400 and the 100 EMA on the hourly chart for the day.

Ravindra Rao, CMT, EPAT, Vice President of Commodity Research, Kotak Securities

Comex gold is trading slightly higher near $1,758 an ounce after a 0.1% drop yesterday. Gold saw a short rally on Friday in response to the US non-farm payrolls data, but fell back to trade in a tight range near the $1,750 an ounce level. Gold weighs flat in the US Dollar Index amid rising bond yields, expectations of monetary tightening and safe haven buying. Gold may continue to trade in a range as the Fed’s expectations of monetary tightening may conflict due to inflation and growth concerns, but we expect buying interest to emerge at lower levels as rising challenges to the global economy may increase its appeal as a safe haven.

(Opinions in this story are expressed by the relevant experts of the search and brokerage firm. Financial Express Online takes no responsibility for their advice. Please consult an investment advisor before investing.)

Get live stock quotes from BSE, NSE, US market and latest NAV, mutual fund portfolio, see the latest underwriting news, best IPOs, calculate tax by income tax calculator, see top market gainers, biggest losers and best stock funds. Like us on Facebook and follow us on Twitter.

Financial Express is now available on Telegram. Click here to join our channel and keep up with the latest Biz news and updates.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button