Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rates have been trading reduce in India on Friday, following weak international trends. On Multi Commodity Exchange, gold June futures have been trading Rs 151 or .31 per cent down at Rs 48,430 per 10 gram, as against the earlier close of Rs 48,581. Silver July futures have been also trading weak, down Rs 325 or .45 per cent at Rs 71 394 per kg. Silver futures ended at Rs 71,719 per kg in the earlier session. In August last year, gold had hit a record higher of Rs 56,191 per 10 gram in India.
Globally, gold rates have been flat on Friday, due to rise in the dollar and US Treasury yields which pressured bullion, though investors awaited vital U.S. inflation information later in the day. Spot gold was mainly unchanged at $1,896.71 per ounce. Bullion has risen .8 per cent so far this week and was on track for its fourth straight weekly get, according to Reuters. US gold futures edged .1 per cent greater to $1,899.50 per ounce.
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Anuj Gupta, VP – Commodity and Currencies Research, IIFL Securities
MCX gold June contract is trading beneath 48,500 levels and in the international market place, it is trading about $1893 levels. Weakness in the dollar and reduce bond yield assistance the yellow metals. Lower interest prices and development unstability in the US assistance the gold rates. However, appreciation in Rupee might curb the sharp upside momentum in gold rates. For today traders can get gold at 48900 levels with the cease loss of 48600 levels for the target of 49400 levels. Technically trend is positive and will move greater additional.
Ravindra Rao, CMT, EPAT, VP – Head Commodity Research at Kotak Securities
COMEX gold trades mixed close to $1895/oz immediately after a .3% decline yesterday. Some stability in the equity market place and US dollar, immediately after current losses, has made gold vulnerable to profit-taking. ETF investors have also moved to sidelines. However, supporting cost is virus issues, loose monetary policy stance of main central banks and mixed financial information from main economies. Gold might witness choppy trade nonetheless bias might be on the downside if the US dollar is in a position to recover.
Sriram Venkataraman Iyer, Senior Research Analyst at Reliance Securities
Technically, MCX Gold June could trade on sideways to marginal upside momentum up to 48700-48900 levels. Support is at 48500-48350 levels. Technically, MCX Silver July if sustain above 71000 level can take rates up to 71900-72700 levels. Support is at 70800-70000 levels. In the earlier session, gold ended weaker tracking weak overseas rates and a robust Rupee.
(The views in this story are expressed by the respective specialists of analysis and brokerage firm. TheSpuzz Online does not bear any duty for their assistance. Please seek advice from your investment advisor prior to investing.)