Gold Price Today, 11 Oct 2022- MCX Gold prices fall, silver down 1%; analysts say ‘sell on rise’

Gold Price Today, 11 Oct 2022: MCX Gold prices fall, silver down 1%; analysts say ‘sell on rise’

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate and silver rate in India were trading weak on Tuesday even as prices remained steady in global markets. On Multi Commodity Exchange, gold December futures were ruling Rs 103 or 0.2 per cent down at Rs 50,920 per 10 gram as against Rs 51,023. Silver December futures were trading Rs 570 or nearly one per cent down at Rs 58,532 per kg. Globally, Gold prices were flat on Tuesday, pinned near a one-week low hit in the previous session, as a firmer dollar and the prospect of further oversized rate hikes by the U.S. Federal Reserve sapped the zero-yielding asset’s appeal, according to Reuters. Spot gold was flat at $1,668.29 per ounce. Prices fell 1.6% on Monday, their biggest one-day percentage decline since Sept. 23. U.S. gold futures rose 0.3% to $1,679.60 per ounce.

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The safe-haven metals are being hit hard by a higher U.S. dollar index and rising U.S. Treasury yields. Traders are looking ahead to key U.S. inflation reports on Thursday. Yesterday the psychological level of $1700 has been breached and is once again testing the levels of $1650-1640. We don’t see any sustained rally on the upside as the US dollar is expected to remain strong ahead of US inflation data on Thursday. Any relief rally will get sold into unless gold manages to sustain above $1700. In MCX, weak rupee is helping gold to sustain above 50500. We would recommend sell on rise till 52000 is not breached on the upside. Above 52000, one can take a long position.

Jigar Trivedi, Senior Analyst – Currency & Commodity, Reliance Securities

MCX gold may experience a pull back ahead of crucial incoming data which is US CPI and minutes of the Fed’s last meetings. The dollar index may find it difficult to go above 114, still we expect it to stay volatile. The investment demand has been lackluster , the holding at the SPDR GOLD ETF has continued to drop only. We recommend to short on every bounce for Rs. 50,800 per 10 gram.

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

COMEX gold trades 0.1% lower near $1670/oz extending losses from yesterday’s session when it slipped nearly 2% to below the crucial $1700/oz mark. Despite geopolitical tensions and global slowdown concerns, gold has not seen much safe haven buying as investors are largely moving towards the dollar index. Gold prices might remain under pressure today as the dollar continues to gain momentum and US 10-year treasury yields rose to near 4% ahead of FOMC meeting minutes and speeches by several Fed members.

(The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)