Gold Price Today at Rs 46,550, Nearly Rs 10,000 Down from All-time High. Time to Invest?

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Gold price in India remained flat on Monday. The yellow metal price has been hovering between Rs 46,000 and Rs 47,000 since the last two weeks. On the Multi-Commodity Exchange (MCX), December gold future was trading flat at Rs 46,550, up 0.09 per cent per 10 grams at 1000 hours on October 4. Silver, however witnessed an increase on Monday. The precious metal price jumped 0.17 per cent to Rs 60,653 on October 4.

In the international market, gold price started flat on Monday. The dollar and the benchmark 10-year yield pulled lower last week, encouraging demand for the metals. Helping gold’s appeal, European and Asian stocks fell on worries about inflation and possible slowdown in growth.

“Data from the CFTC showed that speculators cut net long positions in COMEX gold futures and options by 19,471 contracts to 42,123, while speculators raised net long positions in COMEX silver futures and options by 2,616 contracts to 3,518 in the week to September 28. International gold and silver prices have started flat to marginally higher this Monday morning in Asian trade as a weaker dollar offset bets that the US Federal Reserve could begin tapering its pandemic-era asset purchases soon,” said Sriram Iyer, senior research analyst at Reliance Securities.

“Technically, if LBMA Gold continues to remain above $1755 the markets could witness a continuation of the build-up in bullish momentum up to the resistance near $1768-$1795 levels. Support is at $1753-$1745 levels. Technically, if LBMA Silver continues above $22.00 level the markets could continue its upside momentum up to $23.60-$24.00 levels. Support is at $21.75-$21.00 levels,” he added.

“Domestic gold and silver prices could start flat to marginally higher this Monday morning, tracking overseas prices. If MCX Gold December trades above 46500 levels, the markets could continue its bullish momentum up to Rs 46,700-46,900 levels. Support is at Rs 46,300-46,100 levels. Technically, if MCX Silver December trades below Rs 60,000 levels the markets could continue its bullish momentum up to Rs 61,300-62,500 levels. Support is at Rs 59,700-55,900 levels,” Iyer further mentioned.

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