Gold Price Today: Gold Futures Trade Lower On Weak Global Prices, Silver Falls
Gold Price In India: Gold futures traded lower on Wednesday, October 6, as the yellow metal shed prices mirroring weak international rates on stronger US dollar. On the Multi Commodity Exchange (MCX), gold futures due for an December 3 delivery, were last seen trading lower by Rs 151 or 0.32 per cent - at Rs 46,606, compared to their previous close of Rs 46,757. Silver futures due for a December 3 delivery were last down 0.5 per cent at Rs 60.683 against a previous close of Rs 60.986.
#Gold and #Silver Opening #Rates for 06/10/2021#IBJA pic.twitter.com/gni3srfU67
October 6, 2021Domestic spot gold opened at ₹ 46,604 per 10 grams on Wednesday, and silver at ₹ 60,516 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
ÂForeign exchange rates:
On Wednesday, the rupee slumped 21 paise to 74.65 against the dollar in opening trade tracking a strong American currency in the overseas market and rising crude oil prices. Gold is a hedge against inflation and inches higher against a dollar.Â
What analysts say:
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities:
''COMEX gold trades marginally lower near $1756/oz after a 0.4 per cent decline yesterday. Gold trades under pressure amid firmer US dollar and higher bond yields amid increased expectations of Fed's monetary tightening. ETF outflows also show weaker investor interest.
However, supporting price is safe haven buying amid increasing challenges for global economy and improvement in consumer demand. Gold may remain rangebound as firmer US dollar will be countered by weaker risk sentiment however lower price may attract some buying amid weaker risk appetite.''
Trading Strategy
Sandeep Matta, Founder - TRADEIT Investment Advisor:
''Reduction in bond purchase, strong dollar and higher yield are continue to weigh on the gold prices however we anticipant that bullish trend in the counter is soon going to start and advise long term investors to initiate delivery-based position at current levels and add more on dips.
Gold on MCX is also operating in the small range under pressure. The outlook is positive and market participant should look for buying opportunities at lower level of the range.Â
Key level for GOLD Dec Contract – 46680; Buy zone above – 46700 for the target of 46880-47070; Sell zone below – 46650 for the target of 46485-46290''
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