Gold Price Today, 7 Oct- MCX Gold set to hit Rs 52000, silver tops Rs 61600; US nonfarm payrolls data eyed

Gold Price Today, 7 Oct: MCX Gold set to hit Rs 52000, silver tops Rs 61600; US nonfarm payrolls data eyed

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate in India was largely unchanged on Friday, as yellow metal remained steady in international market. On Multi Commodity Exchange, gold December futures were ruling flat with negative bias at Rs 51,965 per 10 gram. Silver December futures were trading at Rs 61,600 per kg, up Rs 254 or 0.4 per cent on MCX. Globally, yellow metal prices held steady ahead of the U.S. jobs report that could help investors gauge the Federal Reserve’s rate-hike path, and were headed for their biggest weekly gain since March, according to Reuters. Spot gold was little changed at $1,709.69 per ounce. U.S. gold futures were flat at $1,719.90.

Also read: Vedanta founder Anil Agarwal seeks shareholders’ approval on plans to boost company’s cash flow, bonds

Ahead of US Nonfarm Payrolls data , Comex gold is trading with a flat momentum. Comex gold has a strong support near $1,700-$1,695 an ounce. Fed members yet again spoke of an aggressive stance as the market is expecting the Fed to increase rates by 1.25 basis points in 2022. MCX Gold December is already up by 3.5% in the week owing to a weak dollar index, strong rupee and festive time demand in the retail segment. We expected MCX gold December to appreciate to Rs. 52,100 per 10 gram.

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

COMEX gold is trading marginally lower near $1718/oz after closing on a flat note yesterday as mixed set of economic indicators added to uncertainty over the rate hike trajectory. The American Currency has got support near this week’s lows amid ADP Employment report that showed private companies added more than expected 208,000 jobs in September indicating strength in the labour market and Services PMI expansion remained solid in September at 56.7. Hawkish statement by FED officials have also supported the dollar. Gold may remain below $1720/oz ahead of the payroll’s figures on indecision while any robust job additions reported may lead to renewed strength in dollar and push prices lower towards the crucial $1700/oz.

Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services

Gold prices held steady ahead of the U.S. jobs report that could help investors gauge the Fed’s rate-hike path, and were headed for their biggest weekly gain since March. The dollar index and benchmark U.S. 10-year Treasury yields were steady after rising overnight. New Fed Governor Lisa Cook added her voice to the U.S. central bank’s broad consensus for continued interest rate hikes, joining the other hawkish fed officials who made appearance this week. The number of  Americans filing new claims for unemployment benefits increased by the most in four months last week, but the labour market remains tight even as demand for labour is cooling amid higher interest rates. Investors are now focused on the U.S. nonfarm payrolls (NFP) report due later in the day, with economists forecasting 250,000 jobs to have been added last month, compared with 315,000 in August. Along with NFP, focus will also be on the U.S. Unemployment rate, average hourly earnings and other jobs market data will be important to watch for. Broader trend on COMEX could be in the range of $1700-1730 and on domestic front prices could hover in the range of Rs 51,480-52350.

Also read: Reliance, Adani group, Ujjivan SFB, Future Retail, Nykaa, Bharti Airtel, Titan, HCL Tech stocks in focus on 7 Oct

(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.)