Price of Gold in India: Gold futures traded lower on Thursday, October 7 as yellow prices eased oil prices in global markets and reflected the strong US dollar. On the Multi Commodity Exchange (MCX), the gold futures, which are due to be delivered on December 3, are expected to reach Rs. 46,907 compared to Rs. For 46,862, it was last seen a decline of Rs 45 or 0.1 per cent. Friday futures for delivery on December 3 rose 0.04 percent to Rs. 61,027 as against Rs. Before 61,003.
The US dollar is approaching a 14-month high against the euro today as rising energy prices have increased the risk of the Federal Reserve acting too quickly to adjust its policy. The rupee had lost 22 paise to 74.76 against the US dollar in early trade today.
“So far, the rise in crude oil prices and the continued strength of the dollar have weakened the rupee. However, the recent restructuring of oil has provided some support for the rupee amid rising US crude reserves and Russia’s tips to stabilize energy markets, “said Mr Amit Babri, MD, CR Foreign Exchange.
What analysts say:
Sandeep Mehta, Founder, TRADEIT Investment Advisor
“Despite the contradictions, gold began to show strength and rose moderately in yesterday’s trade. Market participants are waiting for the US farm non-wage data to be released tomorrow and are betting favorably on the unknown because the pay data influence and the Federal Reserve will shape the current plan to start tapping.
Today’s Outlook is positive and limited integration is expected, where the $ 1775 / ounce precious metal is the key to passing in front of firecrackers.
Key condition for GOLD Dec contract – 46918; Buy zone above target 47050-47300 -46925; Sell the zone below 46900 targeting 46707-46537.
Dr. Ravi Singh, Vice President & Head of Research, ShareIndia:
The Upper U.S. Treasury is raising expectations of inflation and soon the central bank’s gold will greatly affect the price of gold. Now the focus is turning to US jobs data to decide the next direction in gold prices.
Buy Zone Above 47300 Target – 46800; Sell the zone below 46600 with a target of 46300.