Gold Price Today: Yellow metal drifts lower, analysts expect a volatility

#Commodities, #Gold, #markets

Gold prices traded lower in early trade in the domestic futures market on September 16 but the losses were capped as the US dollar softened against its global peers.

Investors appear to be cautious and are restricting their moves in order to get clear cues on the US Fed’s rate hike trajectory.

While softer inflation prints have boosted hopes that the Fed may decide to leave the stimulus exercise intact for a longer time, investors await to see how things pan out after the Federal Open Market Committee’s two-day policy meeting next week.

In the previous session, gold prices slipped in the global markets after upbeat US empire state manufacturing index data.

“We expect both the precious metals to remain volatile in today’s session ahead of the US unemployment claims data and could hold its support levels,” said Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research.

On MCX, October gold was trading 0.14 percent lower at Rs 46,830 per 10 gram at 0940 hours but December Silver was 0.19 percent up at Rs 63,415 per kg.

“On MCX, gold has a price range of Rs 47,500-46,700. However, it has tested the area of lower price range where prices are trading sideways. Prices of silver are supported due to strength in base metals. We are expecting sideways movement in gold and silver,” said Abhishek Chauhan, Head Commodity and Currency at Swastika Investmart.

Technical indicators

Expert: Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities

Gold price is supported by weakness in the US dollar, concerns about the health of the Chinese economy, geopolitical tensions and persisting virus risks.

However, weighing on price is weaker investor interest, stability in equity markets and continuing debate about Fed’s monetary tightening.

Gold may remain choppy near $1,800/oz as market players remain non-committal ahead of the Fed meeting next week, however, challenges for the global economy may keep prices supported.

Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research

Gold is having support at $1,784-1,772 per troy ounce and resistance at $1,804-1,818 per troy ounce; silver is having support at $23.55-23.20 per troy ounce and resistance at $24.14-24.50 per troy ounce.

On the MCX, gold is having support at Rs 46,750-46,600 and resistance at Rs 47,050-47,220; silver is having support at Rs 62,900-62,500 and resistance at Rs 63,700-64,100 levels.

We suggest buying gold on dips around Rs 46,800 with a stop loss of Rs 46,580 for the target of Rs 47,200.

Amit Khare, AVP- Research Commodities, Ganganagar Commodities Limited

On September 15, we witnessed small profit-booking in bullion at higher levels. But, technical charts are showing strength in gold and silver.

Momentum indicator RSI is also indicating the same, so traders are advised to create fresh buy positions in gold and silver in small dips near below-given support levels:

October Gold Support 1: Rs 46,800 | Support 2: Rs 46,600 | Resistance 1: Rs 47,130 | Resistance 2: Rs 47,450.

December Silver Support 1: Rs 62,900 | Support 2: Rs 62,400 | Resistance 1: Rs 63,650 | Resistance 2: Rs 64,100.

Sandeep Matta, Founder, TRADEIT Investment Advisor

The risk of a steep fall in the precious metal is unlikely currently due to the slowdown in inflation in the US. The outlook for today is sideways while we may see a slight recovery in the prices.

Key level for gold: Rs 46,900

Buy zone: Above Rs 46,900 for the target of Rs 46,975-47,200

Sell zone: Below Rs 47,900 for the target of Rs 46,813-46,700

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Internet Explorer Channel Network
News Related

OTHER NEWS

Commodities scale fresh highs | Expected continuing supply concerns may may keep prices supported

Commodities moved to prominence this week as price surged to fresh multi-year highs as market players chose to focus on supply issues and overlook the increasing challenges for global economy. ... Read more »

Moneycontrol Pro Weekender | The burning issue

Representative image Dear Reader, Belated Dussehra wishes. The festive season is in full swing and this week saw a bunch of data that pointed to a strengthening of the economic ... Read more »

Petrol, diesel prices on October 16: Fuel prices highest ever

Petrol and diesel prices differ from state to state depending on the incidence of local taxes. (Representative image) Fuel rates rallied to their highest ever levels across the country on ... Read more »

Dow jumps as stocks notch weekly gains amid hopes for strong consumer demand, earnings season ahead

© Johannes Eisele/Getty Images Wall Street’s big indexes are up midway through October. Johannes Eisele/Getty Images The Dow industrials leapt more than 380 points Friday following strong retail sales and ... Read more »

Titan, Kalyan Jewellers' shares reflect the optimism of Q2 updates

Titan Co. Ltd and Kalyan Jewellers India Ltd’s stocks have put up a good show on the bourses in the past one month, rising by around 25 percent and 18 ... Read more »

Wall St climbs on strong Goldman earnings

US stocks have risen and the main indexes look set for weekly gains after Goldman Sachs capped a strong earnings season for big banks, while a surprise rise in retail ... Read more »

US stocks extend gains on surprise retail sales increase as Goldman Sachs adds to strong bank earnings

© Brendan McDermid/Reuters Traders work on the floor of the NYSE. Brendan McDermid/Reuters Stocks pushed higher Friday as retail sales and Goldman Sachs earnings outstripped expectations. September retail sales rose ... Read more »

India among fastest growing markets for us: Audible

India has emerged as Dubai’s second biggest trading partner after China with the overall volume touching 38.5 billion dirham in the first half of 2021, according to official data released. ... Read more »

DMart to announce Q2 results on Saturday. What are the expectations?  

Avenue Supermarts stock continues to be a hot favourite. Avenue runs the DMart chain of stores. The stock has risen as much as 110 percent from pre-pandemic highs in February ... Read more »

Australian sharemarket rallies, travel stocks jump as NSW scraps quarantine for international arrivals

The Australian sharemarket ended the week on a high note, with travel stocks taking off after NSW Premier Dominic Perrottet announced the state would open up again to the world ... Read more »

As yields rise, some US banks shift cash to Treasuries

JPMorgan Chase & Co, however, said on Wednesday that it continues to hoard cash, expecting rates to move higher as Chief Executive Jamie Dimon predicts. (Image: Wikimedia Commons) Some big ... Read more »

Oil prices climb on power boost, set for multi-week gains

Representative image Oil prices climbed on Friday, heading for gains of more than 2% for the week, on increasing signs of robust demand and tighter supplies over the next few ... Read more »

Sensex jumps 50% from last Dussehra to scale 61,000 mark. 169 stocks give multibagger returns

India’s equity markets have generated huge wealth for investors since Dussehra last year as the benchmark indices scaled new highs, even though there was a pause in April-May due to ... Read more »

S&P 500 surges, biggest daily percentage rise since March on earnings, data

The S&P 500 jumped on Thursday, its biggest daily percentage advance since early March, as companies including Morgan Stanley and UnitedHealth climbed following strong results, while data on the labor ... Read more »

Asian shares track US peers higher; dollar gains on yen

In currency markets, the dollar rose again to a near-three- year high on the yen on Friday with one dollar buying 113.89 yen, the most since December 2018. Asian shares ... Read more »

Dollar set to snap 5-week win but yen hits lowest in almost 3 years

The dollar index, which measures the greenback against six rivals, was little changed at 94.034 on Friday. (Representational image: Shutterstock) The dollar headed for its first weekly decline versus major ... Read more »

DAILY VOICE | Higher energy prices, coal crisis, supply chain bottlenecks could hamper economic growth in near term: Poonam Tandon of IndiaFirst Life

Poonam Tandon, Chief Investment Officer at IndiaFirst Life Insurance Company, who has over 26 years of experience in the financial services sector, expects festive push, pent-up demand, good monsoon, improving ... Read more »

Ramkrishna Forgings plans to raise up to Rs 500 cr via QIP

Mumbai: Leading forging component maker Ramkrishna Forgings is planning to raise Rs 400-500 crore through qualified institutional placement (QIP) to prune its debt, said people aware of the development. The ... Read more »

Bulls continue to scale new highs: Sensex tops 61k

Mumbai: India’s stock indices continued their bull run on Thursday led by banking and information technology stocks, with the Sensex conquering 61,000, a day after the Nifty ended beyond 18,000 ... Read more »

Dow spikes 534 points as earnings season opens with a series of strong performances

© Lucas Jackson/Reuters Lucas Jackson/Reuters US stocks soared nearly 2% on Thursday as third-quarter earnings season started off strong. Earnings reports from banks including Bank of America, Morgan Stanley, and ... Read more »

Dow soars 403 points as jobless claims hit pandemic low and banks deliver strong results

© Xinhua/Wang Ying/ Getty Images Xinhua/Wang Ying/ Getty Images US stocks climbed higher on Thursday as weekly jobless claims hit a pandemic-era low. Last week’s claims of 293,000 represented the ... Read more »

SEBI issues revised reporting formats for issuers of non-convertible securities

Markets regulator SEBI on Thursday came out with revised formats for limited review and audit reports to be submitted by entities that have listed their non-convertible securities. The revised formats are ... Read more »

Gold prices rise above Rs 48,000 per 10 gm ahead of Dussehra; silver soars Rs 1,154 a kg

Gold prices continued uptrend for the eighth consecutive day on October 14, up by Rs 638 to touch Rs 48,125 per 10 gram in the Mumbai bullion market a day ... Read more »

Crude oil prices climb above Rs 6,100 per barrel on strong demand, supply woes

Representative image Crude oil prices crossed Rs 6,100 a barrel, reversing two days of fall on rising demand, revival in economic activity, tight supplies and firm equity market. Crude prices were ... Read more »

Silver price gives breakout above 50-day SMA and EMA to trade above Rs 63,000/kg

Silver prices rose above Rs 63,000 per kg on October 14 after a sharp rally yesterday in the global market, tracking gains in gold and industrial metals on a weaker ... Read more »

Natural gas futures rise nearly 3.5% on supply crunch; weekly inventory report in focus

Natural gas futures climbed for the second straight day on October 14 as participants increased their long positions as seen by the open interest. The gas price had risen 1.5 percent ... Read more »

Australian sharemarket gains ground after three straight days of losses

The Australian sharemarket bounced back after three days of weakness, enough to claw back those losses for much of the session, but ran out of steam. The benchmark S&P/ASX200 index ... Read more »

China property shares slide as Evergrande crisis reverberates

Shanghai Shimao Co’s 4.65% January 2022 bond was the biggest loser among Shanghai Stock Exchange-traded corporate bonds, according to exchange data, falling 3.16% to 92.48 yuan. Shares of Chinese real ... Read more »

Equity Investment | Have the patience to see your Maruti 800 become a Mercedes

A popular WhatsApp forward has a picture of a Maruti 800 car and Mercedes GLE next to each other, with the message below: ‘Had you bought shares of Maruti Suzuki ... Read more »

Asian stocks up as US dollar squeezed

Asian stock markets have risen, the US dollar has eased and longer-dated bonds rallied as investors reckoned on inflation bringing forward rate hikes around the world. MSCI's broadest index of ... Read more »

Trade Spotlight | What to do with Tata Motors, BHEL, M&M, Tata Chemicals stocks?

The Indian market consistently remained in an uncharted territory as the benchmark indices ended at fresh record closing highs on October 13, outperforming its global peers. The BSE Sensex rallied ... Read more »

Trendwende oder Blockade? SEC gibt Aussicht auf Bitcoin-ETF - Grayscale kritisiert Einschränkungen

Nachdem sich die US-Börsenaufsichtsbehörde zuvor ehr kritisch gegenüber Kryptowährungen gezeigt hat, überraschte SEC-Chef Gary Gensler kürzlich mit zuversichtlichen Aussagen zu einem Bitcoin-ETF. Laut der Investmentgesellschaft Grayscale halten die Vorstellungen der ... Read more »

Buzzing Stocks: Infosys, Wipro, UltraTech Cement and other stocks in news today

Results on October 14: HCL Technologies, Indiabulls Real Estate, Benares Hotels, Century Textiles, Cyient, Den Networks, Ganesh Housing Corporation, GTPL Hathway, Inox Wind, Inox Wind Energy, Mahindra CIE Automotive, Radhe ... Read more »

Goldpreis-Prognose: Jefferies ist mega-bullish für Gold - auch Bitcoin ein Investment wert

Gespannt warten die Märkte darauf, wann die US-Notenbank wohl die geldpolitischen Zügel straffen wird. Bei der US-Investmentbank Jefferies glaubt man allerdings nicht, dass diese Wende problemlos über die Bühne gehen ... Read more »

Carlyle Group to acquire A Twosome Place coffee chain

A Twosome Place image seen on the coffee chain’s official website / Courtesy of A Twosome Place By Anna J. Park The Carlyle Group plans to acquire Korea’s No. 2 ... Read more »

US stocks rise as investors digest Fed minutes showing tapering on track for November

© REUTERS/Brendan McDermid REUTERS/Brendan McDermid US stocks closed mixed as investors digested Fed meeting minutes showing tapering asset purchases is on track to begin in November. CPI rose 0.4% in ... Read more »

S&P 500 rises but JPMorgan a drag

The S&P 500 has ended higher, led by gains in shares of big growth names like Amazon and Microsoft, but JPMorgan shares fell and weighed on the index even though ... Read more »

M-cap of BSE-listed companies at fresh record high of over Rs 270.73 lakh crore

Representative Image Helped by the ongoing rally in equities, the market capitalisation of BSE-listed companies has reached a fresh record high of Rs 2,70,73,296.03 crore on Wednesday. Rallying for the ... Read more »

US stocks edge higher as inflation data shows prices continued to surge in September

© REUTERS/Andrew Kelly REUTERS/Andrew Kelly US stocks rose modestly on Wednesday after CPI data showed a continued rise in inflation last month. While the latest virus wave began to subside ... Read more »