Gold prices today, gold price forecast, gold price forecast: Gold prices in India were flat on Tuesday, even as global signals remained positive. On the Multi Commodity Exchange, the December gold futures contract was at Rs 47,324, an increase of Rs 33, against the previous close of Rs 47,291 per 10 grams. Silver futures for December were trading more than half a percent or 336 rupees higher at 63,602 rupees per kilogram. Previously, silver ended at 63,266 rupees per kilogram. Globally, gold prices rose slightly as a drop in dollar and US bond yields provided some support for the precious metal, according to Reuters. Spot gold rose 0.2 percent to $1767.91 an ounce, and US gold futures rose 0.2 percent to $1769.6.
Jigar Trivedi, Research Analyst – Commodity Fundamentals, Anand Rathi Equities & Stock Brokers
Stagflation talks returned to the negotiating table after the United States and China reported weaker-than-expected industrial production for the month of September, on Monday. Inflation in the United States, which is already at its highest levels in several years, is not likely to abate any time soon, as a cold winter could drive up energy prices. The Fed is likely to announce a stable decline at the November meeting, but stagflation fears may lead to the festive-season retail demand pairs supporting the yellow metal in the near term. Today, MCX Gold futures for December may rise towards Rs. 47.500 per 10 grams amid weakness in US Treasury yields and the dollar.
Taban Patel, Senior Commodity Analyst, HDFC Securities
Gold prices were trading flat on Tuesday with COMEX spot gold trading near $1,774 an ounce in morning trading. Gold traded higher supported by a weaker dollar and lower US bond yields. The decline in stock indices also boosted gold buying. The dollar index was trading down about 0.22% for the day while the 10-year US Treasury yields fell to 1.577% in morning trading. We expect gold prices to trade sideways today with COMEX spot support at $1750 and resistance at $1,790 an ounce. MCX Gold support for December is at Rs. 47100 and resistance at Rs. 47500 per 10g.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
Gold is finding it difficult to surpass $1800 due to higher US Treasury yields. Market sentiment remains under the assumption that as early as mid-November the Fed will begin reducing its asset purchases by $120 billion per month. As long as yields continue to rise, the resulting headwinds will continue to pressure gold to lower prices. A wildcard that could currently be very supportive and bullish for gold is a potential sell-off in US stocks. Bitcoin is also replacing gold as a hedge against speculation or inflation as it approaches all-time highs. Although gold prices managed to maintain their support at $1,750, it did not attract enough investors to push prices above $1,800. We expect gold to trade sideways today in the 47100-47500 range. Buy on dips should be the strategy today with stop loss at 47100.
Ravi Singh, Vice President – Head of Research, Share India Securities
Gold futures traded slightly higher yesterday taking into consideration the high demand for gold globally. However, rising US Treasury yields are constantly putting pressure on gold prices and limiting the upward movement. After a sharp profit taking, the outlook for gold is still positive and investors are advised to buy at every correction in gold futures.
Buy zone above – 47300 for the target 47500
Selling area below – 47100 to a target of 46900
NS Ramaswamy, Head of Commodities, Ventura Securities
MCX GOLD DEC price has crossed above the major averages on the daily chart. Prices crossed the 50 and 200 day moving average levels. Prices are currently receiving support near the 200-day moving average. The RSI indicates that prices are consolidating from overbought levels. Gold prices are expected to be less volatile today. The resistance near 47550 is an important one. The immediate price support is near 47100.
Manoj Dalmia, Founder and Director, Profect Inquiries
Gold has been in a fundamental downtrend until recently but the bears are now slowly exhausting and may enter into bullish territory, pending confirmation. There is excessive resistance to the 100-day average for gold at 47,650 levels and a reversal of the downtrend will only be confirmed on a close above this mark. If that happens, one might buy gold at higher prices like 48,500 or more. November and December are traditionally bullish for gold from a seasonality perspective, so a breakout from current levels seems reasonable.
(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.)