Gold Price In India: Gold futures traded marginally higher on Friday, October 8, as the yellow metal mirrored trends in international markets as the US dollar edged higher compared to major peers. On the Multi Commodity Exchange (MCX), gold futures due for an December 3 delivery, were last seen trading higher by Rs 62 or 0.13 per cent – at Rs 46,889, compared to their previous close of Rs 46,827. Silver futures due for a December 3 delivery were last down 0.48 per cent at Rs 60,965 against a previous close of Rs 61,258
— IBJA (@IBJA1919) October 8, 2021
Domestic spot gold opened at ₹ 46,941 per 10 grams on Friday, and silver at ₹ 60,932 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
Foreign Exchange Rates:
The US dollar edged higher compared to its peers today but stayed within a narrow range as most traders awaited clues on the pace of Federal Reserve Policy’s normalisation, according to news agency Reuters.
The U.S dollar currency index – which measures greenback against a basket of six peers – rose 0.1 per cent to 94.278 – within the sight of last week’s one-year peak of 94.504.
What analysts say:
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities:
COMEX gold trades little changed near $1760/oz after a 0.1 per cent decline yesterday. Gold has been trading in a narrow range for last few sessions as market players moved to sidelines ahead of US non-farm payrolls report which is expected to give more clarity about Fed’s monetary stance.
Supporting gold price is increasing challenges for global economy in form of rising energy costs, uneven recovery and concerns about health of Chinese economy. Gold may remain range bound ahead of US jobs report however any disappointment in job numbers may result in some gains.
Sandeep Matta, Founder, TRADEIT Investment Advisor:
”Gold is trading mildly negative ahead of US employment report while the market participants are expecting non -farm job number at 500000. Rally in the global equity market, dollar strength, higher yields, major crypto upticks are dragging the precious metal down.
Outlook for today is positive and rangebound opening is expected however we anticipant higher volatility in bullion prices in the immediate aftermath of the job report. Market participants are advised to limit their trading position and follow key pivotal levels both the side actively.
Key level for GOLD Dec Contract – 46835; Buy Zone Above – 46850 for the target of 47000-47250; Sell Zone Below – 46815 for the target of 46637-46300