Gold Price Today, 9 Nov 2021: MCX Gold looks to hit 48300; analysts expect rise in gold prices this week

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Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India remained unchanged on Tuesday, on the back of flat global rates. On Multi Commodity Exchange, gold December futures were trading weak at Rs 48,009 per 10 gram, while silver December futures were ruling at Rs 64,774 per kg, down Rs 107. Globally, yellow metal prices remained steady, consolidating near a two-month high scaled in the previous session, as a weak dollar offset firm U.S. bond yields. Spot gold was little changed at $1,823.53 per ounce. US gold futures fell 0.1% to $1,825.80. Tapan Patel, Senior Analyst Commodities, HDFC Securities Gold prices traded steady on Tuesday with spot gold prices at COMEX were trading flat near $1823 per ounce in the morning trade. The yellow metal has kept firm trading supported by weaker dollar. However the rise in US bond yields has capped upside in gold prices. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1800 and resistance at $1833\/1850 per ounce. MCX Gold December support lies at Rs. 47800 and resistance at Rs. 48400 per 10 gram. Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares Stock Brokers Spot Gold is expected to stay firm at a two-month peak, buoyed by a softer dollar, as traders awaited direction from key inflation data from the U.S. and China later this week. Bullion has gained this quarter as the market shifts to a view that central banks are in no hurry to raise interest rates even in the face of persistent inflation. The latest U.S. producer and consumer price data this week will offer fresh insight on the likely course of Federal Reserve policy. Fed Chair Jerome Powell last week stressed that the start of tapering of bond purchases didn In tandem with the international trend, MCX Gold December futures may continue to appreciate to Rs. 48,300 per 10 gram. Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities COMEX gold trades marginally higher near $1820\/oz after a 1.3% gain in previous session. Gold trades higher supported by drop in US bond yields as Fed decided to take a gradual approach on monetary tightening. Also supporting price is inflation concerns. However, weighing on price is upbeat US jobs report, continuing strength in equity markets and ETF outflows. Gold has rallied sharply in last few sessions amid lack of any aggressive move by Fed but may struggle to build on the gains amid improved risk sentiment Abhishek Chauhan, Head of Commodity Currency, Swastika Investmart Comex gold is trading at its resistance level of $1830 where it has support at $1815. Gold and Silver prices remained firm due to the dovish outlook of the FED. The US infrastructure bill has increased the expectation of more spending which may boost inflation. On the other hand, FED intact its previous outlook on bond tapering and interest rate hikes which supported the Gold and Silver prices. The dollar index was also unable to sustain above 94.50 levels and it slipped 0.30% yesterday. In MCX, Gold has resistance at 48300 above this level it may test 48600-48800 levels. It has support at 47300. Ravi Singh, Vice President Head of Research, Share India Securities The drop in US bond yields after the dovish approach of Fed on monetary tightening, pulled Gold prices higher. Also, the inflation concerns have increased the safe haven appeal and supported the prices. However, the improved US jobs report, strong equity markets and ETF outflows has maintained downward pressure in gold and pushed it to trade in range bound zone. We expect Gold to show some upward move this week Buy Zone Above – 48000 for the target of 48300 Sell Zone Below – 47800 for the target of 47600 (The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)