Gold Price In India: Gold futures traded lower on Thursday, October 7, as the yellow metal mirrored trends in global markets with easing of oil prices and stronger US dollar. On the Multi Commodity Exchange (MCX), gold futures due for an December 3 delivery, were last seen trading lower by Rs 45 or 0.1 per cent – at Rs 46,862, compared to their previous close of Rs 46,907. Silver futures due for a December 3 delivery were last up 0.04 per cent at Rs 61,027 against a previous close of Rs 61,003.
Foreign exchange rates:
The US dollar today held close to a 14-month high against the euro, as the rise in energy prices increased the risk for the Federal Reserve to act sooner to normalise the policy. In an early trade session today, the rupee declined 22 paise to 74.76 against the American currency.
”So far, rising crude oil prices and continued strength in the dollar had caused weakness in the rupee. However, the recent retracement in oil amid a rise in U.S. crude stockpiles and indications by Russia to offer help to stabilize energy markets have lent some support to the rupee,” said Mr Amit Pabari, MD, CR Forex.
What analysts say:
Sandeep Matta, Founder, TRADEIT Investment Advisor
”Gold has started showing strength despite the odds and was closed moderately high on yesterday’s trade. Market participants are awaiting the U.S. non-farm payroll data which will be released tomorrow and are betting positively on unknown as payroll data will influence and shape the Federal Reserve’s current plan to begin tapering.
Outlook for today is positive and range bound consolidation is expected where $1775/oz will be the key level for the precious metal to pass before the fireworks.
Key level for GOLD Dec Contract – 46918; Buy zone above – 46925 for the target of 47050-47300; Sell zone below – 46900 for the target of 46707-46537.”
Dr. Ravi Singh, Vice President & Head of Research, ShareIndia:
”The higher US Treasury yields on the expectations of rising inflation and expectation of sooner Fed’s tapering is weighing heavily on Gold prices. Now the attention is turning towards the US jobs data to decide the next direction in gold price.
Buy Zone Above – 46800 for the target of 47300; Sell Zone Below – 46600 for the target of 46300.”