On Tuesday, Gold price in India saw a significant drop. On the Multi-Commodity Exchange (MCX), October gold future decreased by 0.19% to Rs 46,191 at 0920 hours on September 21. However, Silver price remained flat on September 21. The precious metal future was trading at Rs 59,622, 0.02% up on September 21. In the global market, gold prices were flat on Tuesday. Spot gold was steady at $1,763.60 per ounce, as of 0123 GMT. US gold futures were flat at $1,764.40.
Sriram Iyer, senior research analyst at Reliance Securities said, "International gold spot and futures started marginally higher early Tuesday morning in Asian trade. Technically, LBMA Gold has bounced back from $1745 levels where it could see $1771-$1783 levels. Support is at $1758-$1747 levels. On the domestic side, gold futures on MCX could start marginally in the green on Tuesday morning trade, tracking overseas prices. Technically, MCX Gold October below Rs 46,300 level could see a Bearish momentum up to Rs 46,000-45,800 levels. Resistance is at Rs 46,300-46,500 levels."
Meanwhile, in a report, ICICI Securities said, "Gold prices bounced slightly on Monday as concerns about property group China Evergrande’s solvency drove world shares lower, stoking risk aversion, while traders awaited the outcome of this week’s US Federal Reserve policy meeting. Overall, we expect gold prices to consolidate in the range of Rs 45,800-46,400 levels for the day."