Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading in the negative territory on Thursday, even as yellow metal edged up globally. On Multi Commodity Exchange, gold December futures were trading Rs 71 or 0.14 per cent down at Rs 49221 per 10 gram. Silver December futures were ruling at Rs 66342 per kg, down Rs 283 or 0.42 per cent. Globally, yellow metal prices edged up as the dollar eased and US bond yields retreated from a three-week high, lifting bullion’s appeal, according to Reuters. Spot gold rose 0.1% to $1,869.45 per ounce, after hitting a fresh over five-month peak on Wednesday. US gold futures gained 0.1% to $1,871.50.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities
COMEX gold trades marginally lower near $1866/oz after a 0.9% gain yesterday. Gold is choppy as support from increasing demand as an inflation hedge, ETF inflows and correction in US dollar index and bond yields is countered by increasing debate about monetary tightening by Fed and other central banks. Gold may remain choppy as market players assess Fed’s monetary policy outlook but weaker risk sentiment may keep prices supported
Ravi Singh, Vice President & Head of Research, Share India Securities
Gold in MCX is approaching resistance of 49500 and in COMEX $1880 on daily basis. An upside breakout in gold is expected in the coming days. Till then, we expect gold to be in consolidation mode. Any fresh triggers may give a momentum to gold prices else the choppy trade may sustain for few more trading sessions. Dips buying is recommended at this level.
Buy Zone Near – 49000 for the target of 49500
Sell Zone Below – 48800 for the target of 48500
Abhishek Chauhan, Head of Commodity & Currency, Swastika Investmart
Comex gold is forming consolidation at its resistance level of $1870, where it has support at $185. The dollar which moves against Gold remains sideways due to an FOMC member’s speech this week. However, Dollar is trading in positive territory and is expected to advance further which may put some pressure on precious metals. Gold has resistance at 49450 and selling pressure is expected from its near resistance levels. Silver is having resistance at 67200 and is likely to test 66000 levels.
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