Gold Rate Today, Gold Price on 19 Oct 2021: MCX gold to trade in Rs 47100-47500 vary; Nov-Dec bullish for yellow metal – Gold Price Forecast, Gold Price Outlook

As lengthy as yields proceed to rise then the headwinds created from that may proceed to strain gold to decrease pricing.

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold costs in India have been buying and selling flat on Tuesday, whilst world cues remained optimistic. On Multi Commodity Exchange, gold December futures have been ruling at Rs 47,324, up Rs 33, towards the earlier shut of Rs 47,291 per 10 gram. Silver December futures have been buying and selling over half a per cent or Rs 336 increased at Rs 63,602 per kg. In the earlier, silver ended at Rs 63,266 per kg. Globally, gold costs inched up as a decline in the greenback and US bond yields offered some assist to the valuable metal, in accordance to Reuters. Spot gold rose 0.2 per cent to $1,767.91 per ounce, and US gold futures rose 0.2% to $1,769.6.

Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers

Stagflation talks are again on desk after two of the world’s largest economies – US and China posted weaker than anticipated Industrial manufacturing for the month of September, on Monday. US Inflation, which is already at multi year highs, is unlikely to fade anytime quickly, as a chilly winter may ship power costs even increased. The Fed might be going to announce tapering in the November meet, however stagflation fears {couples} with retail demand on account of festive season may underpin the yellow metal in the close to-time period. Today, MCX Gold December futures may rise in the direction of Rs. 47,500 per 10 gram, amid a weak point in US treasury yields and greenback.

Tapan Patel, Senior Analyst Commodities, HDFC Securities

Gold costs traded agency on Tuesday with spot gold costs at COMEX have been buying and selling close to $1774 per ounce in the morning trade. Gold costs traded increased supported by weaker greenback and softer US bond yields. The fall in fairness indices additionally boosted shopping for in gold. The greenback index was buying and selling round 0.22% decrease for the day whereas 10 year US Treasury yields fell to 1.577% in the morning trade. We anticipate gold costs to trade sideways to up for the day with COMEX Spot assist at $1750 and resistance at $1790 per ounce. MCX Gold December assist lies at Rs. 47100 and resistance at Rs. 47500 per 10 gram.

Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities

Gold is discovering it troublesome to go above $1800 due to rising US Treasury yield. Market sentiment continues to be underneath the belief that as early as mid-November the Federal Reserve will start to taper their asset purchases of $120 billion month-to-month. As lengthy as yields proceed to rise then the headwinds created from that may proceed to strain gold to decrease pricing. The wildcard that at the moment might be extremely supportive and bullish of gold is a potential promote-off in U.S. equities. Bitcoin can be changing gold as a speculative or inflation hedge car because it approaches its all time excessive ranges. Although gold costs have managed to maintain on to its assist of $1750, it has not attracted sufficient traders to push costs above $1800. We anticipate gold to trade sideways at the moment in vary of 47100-47500. Buy on dips needs to be the technique at the moment with stoploss of 47100.

Ravi Singh, VP – Head of Research, Share India Securities

Gold futures traded marginally increased yesterday taking cues from rising demand of gold globally. However, the rising US Treasury yields are constantly placing strain on Gold costs and capping the upward transfer. After the sharp revenue reserving, the outlook of gold remains to be optimistic and traders are suggested to go lengthy on each correction in gold futures.

Buy Zone Above – 47300 for the goal of 47500
Sell Zone Below – 47100 for the goal of 46900

NS Ramaswamy, Head of Commodities, Ventura Securities

MCX GOLD DEC costs crossed above key averages on the every day chart. Prices crossed above 50 and 200 Day Moving Average ranges. Currently costs are taking assist close to the 200 day shifting common. The RSI indicator suggests costs are consolidating from overbought ranges. Gold costs are anticipated to be much less unstable at the moment. Resistance close to 47550 acts as an essential resistance. Immediate assist for costs is close to 47100.

Manoj Dalmia, Founder and Director, Proficient Equities

Gold was in major downtrend till just lately however now bears are slowly getting exhausted and it may be coming into right into a bullish territory, pending affirmation. There is an overhung resistance of 100 day common for gold at 47650 ranges and reversal of downtrend will likely be confirmed solely upon closing above this mark. If that occurs, one could purchase gold for increased costs like 48500 or past. November and December are additionally historically bullish for gold from the attitude of seasonality and therefore a breakout from present ranges seems affordable.

(The views in this story are expressed by the respective consultants of the analysis and brokerage agency. Financial Express Online doesn’t bear any duty for their recommendation. Please seek the advice of your funding advisor earlier than investing.)

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