Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading higher in India on Tuesday, even as the yellow metal was trading flat on the international market. Gold has been gaining for the past four consecutive weeks and is up more than 3 percent or Rs 1,451 per 10 grams so far in July. On the Multi Commodity Exchange, August gold futures were trading 185 rupees or 0.4 percent at 48,279 rupees per 10 grams. In the previous session, it ended at Rs 48,094 for 10 grams. September silver futures gained 219 rupees or 0.3 percent at 67,465 rupees per kg, down from the last close of 67,246 rupees per kg. Gold prices remain 8,097 rupees below their all-time high of 56,191 per 10 grams, touched last year in August.
Globally, gold prices were flat on Tuesday as a drop in U.S. Treasury yields offset a firmer dollar amid investor concerns over a relentless rise in the variant of the Delta coronavirus that could threaten prospects for global economic recovery. Spot gold was flat at $ 1,813.15 per ounce, after falling to a one-week low of $ 1,794.06 in the prior session. US gold futures rose 0.3 percent to $ 1,813.80, according to Reuters.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
Gold prices briefly fell below $ 1800 before recovering and trading near $ 1816 due to lower yields on US Treasuries, which are trading near the five-month low. Lower returns are generally positive for gold, but gold came under pressure yesterday as the US dollar traded near a three-and-a-half month high. Rising corona virus cases around the world and the emergence of the third wave had spooked stock markets, with the US Dow posting its worst day in nine months, falling as much as 2% overnight. Hedge funds continue to invest in gold, but bullish sentiment could be changing as the precious metal sees little momentum despite a sustained drop in bond yields. The net long position for gold is up 10.6% from last week. 47500 is still the market support and 48500 is the resistance. We are bullish on gold despite the resistance of the strong US dollar, although we do not see any strong rally. The new gold base on COMEX is $ 1800 and you can hold long positions until it is trading above $ 1800
Rahul Gupta, Director of Currency Research, Emkay Global Financial Services
MCX gold prices erased their intraday losses after hitting a low of 47780 yesterday and the counter closed at 48094. Prices have opened with a positive bias today. A retest of resistance should be seen between the 48400-48500 levels until support around 48050 remains intraday. Weakness below this level will push prices back towards the 47845/47780 levels. A new breakout to the upside will be triggered only if prices are trading above 48550 on a consistent basis. As the dollar index capitalizes on safe-haven flows, traders are turning away from gold. But gold is also a store of value, and amid the rapid spread of the coronavirus, traders will turn to gold as a safe haven. So in general, as long as prices are trading above 47,500, each drop is a long-term buying opportunity with a target of 48,750.
Ravindra Rao, CMT, EPAT, Vice President of Commodity Research, Kotak Securities
COMEX gold is trading 0.5% higher near $ 1819 / oz after a 0.3% drop in the prior session. Gold is trading higher on the back of lower bond yields and safe-haven purchases amid mounting virus cases, tensions between the United States and China and growing concerns about inflation. However, what weighs on the price is the strength of the US dollar and lower demand from investors and consumers. Gold has managed to stay above the $ 1800 / oz level and can benefit from safe haven buying, however any major upside will be challenged by a stronger US dollar.
Abhishek Chauhan, Chief Commodity and Currency, Swastika Investmart
Gold prices opened today at Rs 48,260. Precious metals are losing bullish momentum and the price correction may continue today. Gold prices look weak at current levels amid the strength of the dollar, which measures the basket of major currencies. On MCX, any rise in gold prices towards 48400 may witness selling pressure, while having support at 47700 below this level, it may test levels of 47400. Silver prices look weak and could see a new selling pressure if prices rise to immediate resistance levels. It has resistance at 68000 and support at 66600. Silver selling pressure may gain momentum below the 66600 levels.
(Opinions in this story are expressed by the respective experts at the brokerage and research firm. Financial Express Online assumes no responsibility for their advice. Consult your investment advisor before investing).