Gold Price Today, 7 Nov 2022- Gold nears Rs 51000; watchout for these levels as US, China inflation data eyed

Gold Price Today, 7 Nov 2022: Gold nears Rs 51000; watchout for these levels as US, China inflation data eyed

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate was trading flat in India on Monday, following the international trend. On Multi Commodity Exchange, gold December futures were ruling flat with a positive bias, up Rs 71 or 0.14 per cent to rule at Rs 50,937 per 10 gram. Silver December futures were trading at Rs 60,318 per kg on MCX, down Rs 156 or 0.26 per cent. Globally, yellow metal prices slipped to retreat from a three-week high scaled in the previous session, as the U.S. dollar regained some ground, making bullion more expensive for overseas buyers, according to Reuters. Spot gold was down 0.5% at $1,672.30 per ounce. Bullion prices surged 3% on Friday as the dollar fell nearly 2% after U.S. jobs data raised hopes about the U.S. Federal Reserve being less aggressive on rate hikes going forward. U.S. gold futures were flat at $1,676.10.

Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities

Deveya Gaglani, Research Analyst, Axis Securities

Gold prices rallied higher on Friday due to correction in dollar index and decline in bond yields supported the bullions prices as investors absorbed the monetary policy outlook. Prices are stuck in a trading range between $1610 and $1680 from the past month, which indicate indecisiveness amongst participants regarding the direction. The current Non-farm data showed that the US labour market remains resilient, with better than expected data of 261K, reinforcing the case for the Fed to follow its tightening plans. On the other hand, given the jobless rate rising above forecasts, investors also consider that aggressive tightening is not required. Last week , the central bank delivered its fourth straight 75 basis point rate hike and the Fed Chair said interest rates would need to go higher than initially anticipated and that it is “premature to discuss pausing”. Now focus will be on the December Fed meet. In the Domestic market Gold needs to close and sustain above 51000 level to enter into bullish territory or else it will trade in a range between 51000 and 49800 level this week.

Jigar Trivedi, Senior Research Analyst – Currencies & Commodities, Reliance Securities

Comex gold retreated on Monday from a three week high it touched on Friday, as the greenback rebounded. The yellow metal advanced by more than 3% in the last session as the dollar dropped nearly by 2% after the US jobs data raised hopes about the Fed being less aggressive on rate hikes going forward. Investors now will focus on the US inflation data due on Thursday. That data will shed some light on Fed’s rate hike move in the upcoming December meet. MCX Gold December futures is likely to trade in a range from Rs 50,800 to 51,000 per 10 gram

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