gold price The Multi Commodity Exchange (MCX) lost 0.05 per cent yesterday. Gold futures contract for December 2021 on mcx. closed on ₹46,500 per 10 grams, ₹21 below its Thursday closing price. The yellow metal fell around 4 per cent in the month of September, while it declined by around 2.1 per cent in the month of August on MCX. According to commodity experts, the yellow metal in the international market will remain under pressure till it trades below $ 1,750 an ounce. However, he added that the precious bullion metal has strong support at $1680 and any major fall in gold price should be seen as a buying opportunity for the yellow metal investors.
trigger for gold price
According to gold commodity experts, a strong US dollar may continue to put pressure on gold prices. However, rising crude oil prices could lead to a sharp rise in global inflation. This increase in inflation could force the Fed to reconsider its recent decision regarding bond tapering. Hence, rising crude oil prices may reverse the trend in the second fortnight of October 2021. Besides, the fast approaching festive season in India is expected to boost the demand for gold in the domestic market, which is also positive for the yellow metal. point of view. He said the current power crisis in China could lead to a sharp recovery in equity markets where equity investors can invest in gold.
Speaking on the gold price outlook; Anuj Gupta, Vice President, Commodity and Currency Trade, IIFL Securities said, “Gold is under pressure till it crosses below $1750 an ounce in the international markets. However, it has strong support at $1,680 an ounce level and the precious metal is under pressure. Any fall in the price should be seen by investors as a buying opportunity. Currently, the fall in the price of gold is due to the strengthening of the US dollar following the Fed’s announcement regarding bond tapering. However, the way crude The price of oil is rising in the international market; this could lead to an increase in global inflation in the next few weeks, which may force the Fed to reconsider its announcement. The fast approaching festive season in India also leads to a rise in gold prices. Creating a favorable environment for investors.”
Echoing the thoughts of Anuj Gupta; Amit Khare, AVP, Research Commodities, Ganganagar Commodity Limited, said, “The power crisis in China has put global equity markets under pressure. If this crisis continues, equity investors may turn to gold investments. Because the crude oil prices in the international market will go up. There is a negative impact on the global economy especially on the inflation front.”
gold price target
On any reversal trend in gold prices in October, Anuj Gupta of IIFL Securities said, “In the first fortnight of October, gold prices on MCX may go down further. ₹from 45,500 ₹45,000 per 10 grams of US Dollar may remain strong during this period. However, once, it starts showing some weakness, the gold price in the international market will break the barrier of $1750 to $1760 an ounce and reach the range of $1,800 to $1,850 an ounce in the next one month. With respect to MCX, go0ld may move higher ₹from 48,000 ₹48,500 per 10 grams in the next one month.”
Amit Khare of Ganganagar Commodity Limited, coordinating with Anuj Gipta said, “ ₹from 45,000 ₹46,000 per 10 grams of gold on MCX is a very good buying range for investors as it is approx. ₹10,000 less than its all-time high. one can expect ₹from 4,000 ₹In the next 3 months, the price of gold will increase by Rs 5,000 per 10 grams from these levels. Similarly, silver investors can expect ₹The current price of silver on MCX has increased by Rs 10,000 per kg in the next 3 months.
Abhishek Chauhan, Head Commodity and Currency, Swastika Investmart Ltd said, “We are expecting the gold price to take a hit. ₹49,000 per 10 grams till the upcoming Diwali, which is almost a month away.”
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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