Gold Rate Today, Gold Price in India on 2 February 2022: Gold prices in India fell on Wednesday, tracking international markets.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India fell on Wednesday, tracking international markets. On the Multi Commodity Exchange, gold April futures fell Rs 87 to Rs 47,825 per 10 gram, as against the previous close of Rs 47,912. Silver March futures were ruling at Rs 61,425 per kg, up Rs 67 on MCX. Globally, yellow metal was steady above the $1,800 psychological level as concerns surrounding Ukraine supported the safe-haven metal, while investors awaited U.S. jobs data that is considered key for the Federal Reserve’s tapering timeline, according to Reuters. Spot gold held its ground at $1,801.25 per ounce, and US gold futures were flat at $1,801.10.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities
COMEX gold trades in a range near $1800/oz after a 0.3% gain yesterday. Gold is range bound as support from correction in US dollar index, geopolitical tensions, mixed economic data and ETF inflows is countered by gains in the equity market and persisting worries about Fed’s monetary tightening. Gold has bounced back after taking support near $1780/oz level but may struggle to build on the gains above $1800/oz as Fed’s tightening outlook may keep US dollar supported
Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services
Gold traded steady around the $1,800 psychological level as concerns surrounding Ukraine supported the safe-haven metal, while policy tightening action from fed has kept the pressure on the prices. Market participants are keeping an eye on the U.S. jobs market data scheduled this week which could give further trigger to the metal price and give a hint regarding the direction of Feds taper timeline and policy changes. Ukraine announced plans to boost armed forces as European leaders lined up to back the country in a standoff with Russia. Fed officials continue to set a cautious tone in their speeches as, Philadelphia fed president did not seem very confident about an aggressive rate hike stance. There were no major announcements in the Union budget on the domestic front and import duty on bullions was kept unchanged at 7.5% supporting the metal on lower levels. U.S. ISM manufacturing PMI data was recorded slightly better than expectations, but lower than the previous month. Today focus will be on the U.S. private payroll data which could give further cues regarding non-farm payroll data scheduled later this week. Broader trend on COMEX could be in the range of $1775- 1815 and on domestic front prices could hover in the range of Rs 47,450- 48,250.
Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities
Gold after reaching $1808 have once again fallen below $1800 as investors awaited U.S. non-farm data that is considered key for the Federal Reserve’s tapering timeline. A measure of U.S. manufacturing activity fell to a 14-month low in January amid an outbreak of COVID-19 cases, supporting the view that economic growth lost steam at the start of the year resulting in US dollar weakness. . The markets get jittery around the early stages of the Fed’s tightening cycle, which could be bad for equities but good for precious metals. Tension has not abated on the European front which will give some tailwinds to the gold but the deepest effect on the prices moving forward would be upcoming Non-Farm payroll data on Friday. Today’s support for gold comes at 47450 while resistance comes at 48000. Buy on dips strategy can be used today with a stop loss of 47450.
Tapan Patel, Senior Analyst — Commodities, HDFC Securities
Gold prices traded steady on Wednesday with spot gold prices at COMEX were trading near $1798 per ounce in the morning trade. MCX Gold April futures witnessed lower opening near Rs. 47793 per 10 gram. Gold prices fell below $1800 per ounce as market players are looking for fresh cues post the US FOMC meeting. The lack of economic data and mixed global cues has kept prices in range. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1780 and resistance at $1810 per ounce. MCX Gold April support lies at Rs. 47500 and resistance at Rs. 48100 per 10 gram.
(The views and investment tips in this story are expressed by the respective experts of research and brokerage firm. TheSpuzz Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)
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