Gold Price Today, 15 July 2021: Gold trades near 4-week high; may hit Rs 49,000 in coming sessions

Gold Price Today, 15 July 2021: Gold trades near 4-week high; may hit Rs 49,000 in coming sessions

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading near a four-week high on Thursday, mirroring the global trends. On Multi Commodity Exchange, gold August futures were trading flat with positive bias at Rs 48,307 per 10 gram, as against the previous close of Rs 48,299. Silver September futures were ruling at Rs 69,575 per kg, up Rs 163 or 0.23 per cent. In the previous session, it closed at Rs 69,412 per kg. Globally, gold prices were flat on Thursday, hovering near a four-week high scaled in the previous session, after U.S. Federal Reserve Chair Jeremy Powell signalled powerful support for economic recovery and boosted the metal’s appeal as an inflation hedge, according to Reuters. Spot gold was steady at $1,824.81 per ounce, having hit a peak since June 16 on Wednesday at $1,829.55. US gold futures edged up 0.1% to $1,826.40 per ounce.

COMEX gold trades marginally higher near $1826/oz. after a 0.8% rise in the previous session. Gold rose as high as $1831.1/oz. in intraday trade yesterday, the highest level since June 17 and held on to its gains. Gold rose in intraday trade yesterday amid weaker US Dollar and softening US 10 yr. bond yields as uncertainty on Fed’s stance on tapering bond purchases weigh. Focus for the day would be back on Powell’s second day of testimony to Congress to further assess the monetary situation. US unemployment claims will also be looked at as an increase in claims might pressurize the US Dollar and in turn support the yellow metal. The general bias may be on the upside provided the US Dollar stays lower.Hareesh V, Research Head Commodities, Geojit Financial ServicesSpot gold edged higher to a four-week high on dovish comments from the US Federal Reserve Chain Jerome Powell that boosted the metal’s inflation hedge appeal. Worries over the rise in new virus cases due to the more virulent Delta variant also offered support to prices. Meanwhile, a strong US dollar and optimistic economic sentiment continue to hit its safe haven demand. Technically, if the support of $1800 remains, there are chances of recovery upticks towards $1845 followed by $1880 levels. However, an unexpected drop below $1780 is an early signal of liquidation pressure.

NS Ramaswamy, Head of Commodities, Ventura SecuritiesTechnically MCX Gold Aug prices are looking positive for intraday. Yesterday, the MCX Gold price closed above the key resistance level of consolidation range and 200-day moving averages. On the other hand, the RSI indicator is trading above the positive zone (59.30) which suggests that Positive momentum can be expected in the Gold price. Moving forward, we expect MCX Gold price will head towards trend line resistance which comes around 49,000 levels in the coming trading session. On the Comex front, the Gold price has broken the key resistance level of 200-day moving averages on a daily closing basis and we expect the price will move towards $1855 to $1860/ounce in the coming sessions.Sandeep Matta, Founder, TRADEIT Investment AdvisorGold registered a significant price hike yesterday after Fed’s chairman leaned dovish on monetary policy by mentioning that Fed is still a way off on tapering its bond-buying program and reiterated that rising inflation pressures are likely only transitory. Fed’s view that rising inflation is not so worrisome until they see substantial progress towards full employment will create a solid breakout scenario for yellow metal. Gold on MCX crossed all the resistance levels yesterday with volume and managed to close at higher levels. We are bullish on gold and have continuously advised it to accumulate gold for the past few days. The fledging price uptrend is clearly visible on technical charts which could very soon take safe heaven metal to 49000 zone.

news source :- financial express

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