Gold price remains stable, MCX values at Rs 46,450
Gold price has reached below Rs 46,449 for 10 grams. Is it the right time to buy?
On Friday, Gold price in India are slightly changed. On the Multi-Commodity Exchange (MCX), October gold contracts jumped 0.19 per cent to Rs 46,449 for 10 grams at 0905 hours on August 13. At the starting of this week, the yellow metal dropped to five-month low. However, over the week the metal has recovered gradually. Silver has also raised slightly. The precious metal September future climbed 0.30 per cent to Rs 62,047 on August 13.
On MCX, Gold futures were up by 0.19% (Rs 87) at Rs 46,450 per 10 gram. Silver futures gained 0.31% (Rs 191) at Rs 62,051 per kg. In the international market, gold prices continued to remain stable on Friday. Spot gold priced unchanged at $1,752.78 per ounce by 0101 GMT. US gold futures were up by 0.2% to $1,754.40. US Dollar Index held firm near a more than a four-month high.
Ravindra Rao, CMT, EPAT, VP-Head Commodity Research at Kotak Securities said, "gold inched up amid choppiness in US dollar post recent gains as mixed inflation readings added to uncertainty about Fed’s monetary tightening. Rising virus cases and concerns about the health of Chinese economy are supporting prices." "However, weighing on price is firmness in equities and lack of ETF investor buying. Gold may consolidate. However Fed's monetary tightening debate may keep pressure on prices", he added.
"We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1,735 and resistance at $1,765 per ounce. MCX Gold October support lies at Rs 46,000 and resistance at Rs 46,700 per 10 gram," said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.
“International spot and futures gold & silver prices have started flat this Friday morning in Asian trade but are set for a second weekly fall as the dollar remained firm. Technically, LBMA Gold could trade on positive note above $1745 levels could see $1757-$1770 levels. Support is at $1747-$1735 levels. LBMA Silver below $24.00 levels will continue its sideways momentum up to $23.20-$22.70 levels. Resistance is at $23.60-$24.10 levels," said Sriram Iyer, senior research Analyst at Reliance Securities.
“Domestic gold and silver prices and Bullion Index futures could start flat this Friday morning, tracking overseas prices. On the domestic front, MCX Gold October above Rs 46,100 will continue its bullish momentum up to Rs 46,480-46,600 levels. Support is at Rs 46,250-46,050 levels. MCX Silver September below Rs 63,000 level could test Rs 61,700-61,000 levels. Resistance is at Rs 62,600-62,900 levels. MCXBULLDEX May could trade on Bullish note with in the range of Rs 13,800-14,050 levels," Iyer added.
