Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold costs in India edged reduce on Tuesday, on the back of muted trends in the international market place. On Multi Commodity Exchange, gold August futures had been down Rs 32 at Rs 49,111 per 10 grams, as against the earlier close of Rs 49,143. Silver July futures had been also seen ruling weak, down Rs 257 or .36 per cent at Rs 71,560 per kg on MCX. Silver futures settled larger at Rs 71,817 per kg in the last close. Last year in August, MCX gold touched a record higher of Rs 56,191 per 10 grams. From a record higher, MCX gold costs have fallen Rs 7,080 per 10 gram. However, in tandem with international trends, MCX gold has posted gains for the third consecutive month in May. MCX gold has risen 5.58 per cent in May, 4 per cent in April and 2.87 per cent in March this year. Since March to date, MCX gold has gained 8.34 per cent.
Globally, gold costs hovered close to the important level of $1,900 an ounce due to a weaker dollar and reduce bond yields. Spot gold was steady at $1,899.94 per ounce, whilst US gold futures edged .2 per cent larger to $1,902.80 per ounce.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
Gold bulls stepped in yesterday to purchase on dips. A nine-week-old cost uptrend is in spot on the every day bar chart. Gold bulls next upside cost objective is to create a close above strong resistance at the June higher of $1,919.20 and in MCX, they would be eyeing to close above 49700. Gold ETF which was witnessing outflows in the months of Feb, Mar and April saw inflows of 61.3 tonnes in May. This was largely a function of investment demand rising with the cost strength of gold, along with renewed inflation issues in the market place, a weaker dollar and reduce true yields. We are neutral to bullish in the quick term whilst bullish in the lengthy term. Momentum from Hedge funds speculative positions have began to ebb as profit booking is evidently taking spot. In MCX, gold has excellent assistance about 48700 and any dips about that level need to be used to go lengthy with an anticipated target of 49700 and stoploss of 48200.
NS Ramaswamy, Head of Commodities, Ventura Securities
Today, we count on the MCX Gold Aug costs to trade positive for intraday. The RSI indicator on every day chart is back in positive territory. For intraday, 49,000 will be the important assistance for costs which is the one hundred EMA level on hourly chart. As lengthy as costs hold above this level, we may well see costs heading towards 49,500 level for intraday. MCX Silver July costs are also most likely to trade with positive sentiments. On hourly chart, the one hundred EMA level is at 71,500 level which is seen as the instant assistance on hourly closing basis. As lengthy as costs trade above this level, we may well see costs heading towards 72,500 level for intraday.
On the Comex front, Gold costs are back above the important level of $1900/ounce. As lengthy as costs are above this level, they are most likely to head towards $2000 level in coming sessions. Silver costs are hovering close to the important level of $28/ounce on COMEX. Once costs surpass the current highs, they are most likely to head towards $30 level in coming sessions.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities
COMEX gold trades marginally larger close to $1900/oz following a .4% achieve yesterday. Gold has benefitted from choppy equities and a weaker US dollar amid continued debate about inflation and monetary policy. However, weighing on cost is ETF outflows and weaker customer demand in India. Gold may well stay choppy reflecting volatility in the equity market place and US dollar nonetheless the common bias may well be on the upside unless the US dollar recovers sharply.
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