Price of Gold in India: On Friday, October 8, the futures of gold traded higher in international markets as the US dollar appreciated against its major counterparts. Gold futures for delivery on December 3, at Rs. 46,889, up from Rs. Compared with 46,827. Friday futures for delivery on December 3 fell 0.48 per cent to Rs. 60,965. The previous Rs. 61,258
– IBJA (@ IBJA1919) October 8, 2021
Domestic spot gold was at ₹ 46,941 per 10 grams and silver at 60 60,932 per kilogram on Friday – two rates excluding GST, according to the Mumbai-based Indian Bullion and Jewelers Association (IBJA).
According to the news agency Reuters, the US dollar was higher today than its counterparts but within the narrow range as most traders were waiting for a clue to the normalization of the Federal Reserve policy.
The U.S. dollar currency index – measuring the green bag against the basket of six peers – rose 0.1 percent to 94.278 – within last week’s 94.504 one-year high.
What analysts say:
Ravindra Rao, CMT, EBAD, VP – Lead Inventory Research at Kodak Securities:
COMEX gold traded slightly lower at $ 1760 / ounce after falling 0.1 percent yesterday. Gold has been trading in a narrow range over the past few sessions as market players moved sideways ahead of the US farm non-wage report, which is expected to give more clarity about Fed’s monetary position.
Supporting the price of gold is increasing the challenges to the world economy such as rising energy costs, unstable recovery and concerns about the health of the Chinese economy. Gold will be in the range before the US employment report
Sandeep Mehta, Founder, TRADEIT Investment Advisor:
“Gold trades slightly lower than the US employment report, with market participants expecting a non-agricultural job number of 500000. Global rally in the stock market, dollar strength, higher yields, major cryptocurrencies pull down the precious metal.
Today’s Outlook is positive and a limited opening is expected, but we expect more volatility in bullion prices in the immediate aftermath of the job report. Market participants are advised to limit their trading position and follow key key positions on both sides.
Key condition for GOLD Dec contract – 46835; Buy zone above target 47000-47250 -46850; Sell the zone below to -46815 for target 46637-46300