Gold Prices Today: Gold to Stay Range-Bound Before Fed Meet

Gold Prices Today: Gold prices edged lower on November 1, extending the previous session’s losses, as the dollar strengthened after data showing another advance in inflation-fuelled bets over the Federal Reserve tightening its policy sooner.

Gold Prices Today: Gold to Stay Range-Bound

Gold Prices Today: On the Multi-Commodity Exchange (MCX), the gold contracts were marginally up 0.07 percent to Rs 47,669 for 10 grams at 9.30 am. Silver futures were down 0.17 percent at Rs 64,427 a kilogram.

Silver and gold prices today were settled on a weaker note in the international markets on October 29. The gold December futures contract settled at $1,784.85 per troy ounce, down 0.98 percent and silver December futures contract settled at $23.97 per troy ounce, down 0.63 percent.

Domestic markets also settled on a weaker note. We expect both the precious metals to remain volatile this week ahead of the US Federal Reserve meeting outcomes, said Manoj Kumar Jain of Prithvifinmart Commodity Research.

Gold could face steep resistance around $1,810 per troy ounce while silver could also face resistance around $24.50 per troy ounce. Gold has support at $1,772-1,758, while resistance is at $1,800-1,810 per troy ounce. Silver has support at $23.70-23.55, while resistance is at $24.20-24.50 per troy ounce.

At MCX, gold has support at Rs 47,500-47330 and resistance at Rs 47,800-48,055, while silver has support at Rs 64,100-63,800 and resistance at Rs 64,800-65,220. We suggest buying gold around Rs 47,500 with a stop loss of Rs 47,300 for a target of Rs 47,920.

Ravi Singh, Vice-President and Head of Research at ShareIndia

Gold prices today in MCX traded in a range-bound zone last week, taking cues from the global market and stronger treasury yields. The expectation of early stimulus tapering by the Fed is keeping us dragging gold prices down, whereas fear of economic bottlenecks towards its recovery is increasing the safe haven appeal.

The demand of gold is also expected to increase during the festive season. We expect gold to be range-bound this week with an upward bias.
Buy zone above – Rs 47,750 for the target of Rs 48,000
Sell zone below – Rs 47,500 for the target of Rs 47,300

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Gold Prices Today: Gold to Stay Range-Bound Before Fed Meet via @marketinvestor
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