Gold Price in India: Gold futures traded marginally higher on Friday, October 8, as the yellow metal showed a trend in international markets as the US dollar edged higher than major peers. On the Multi Commodity Exchange (MCX), gold futures, due for delivery on December 3, were trading higher by Rs 62 or 0.13 per cent at Rs 46,889, as against Rs 46,827 in the previous trade. Silver futures due for delivery on December 3 were down 0.48 per cent at Rs 60,965, from Rs 61,258 in the previous trade.
— IBJA (@IBJA1919) 8 October 2021
According to Mumbai-based industry body India Bullion and Jewelers Association (IBJA), domestic spot gold on Friday opened at ₹46,941 per 10 grams and silver at ₹60,932 per kg – both rates excluding GST.
Foreign exchange rate:
The US dollar today rose higher than its peers, but remained within a narrow range as most traders await clues on the pace of Federal Reserve policy normalization, according to Reuters news agency.
The US dollar currency index – which measures the greenback against a basket of six peers – rose 0.1 per cent to 94.278 from last week’s one-year peak of 94.504.
What Analysts Say:
Ravindra Rao, CMT, EPAT, VP- Commodity Research Head at Kotak Securities:
COMEX gold was little changed near $1760/oz after falling 0.1 percent yesterday. Gold has been trading in a narrow range for the past few sessions as market players moved ahead of the US non-farm payrolls report, which is expected to provide more clarity on the Fed’s monetary stance.
Supporting gold prices is adding to the challenges for the global economy as rising energy costs, uneven recovery and concerns about the health of the Chinese economy add to the challenges. Gold may remain limited ahead of the US jobs report, but any gloom in job numbers could yield some gains.
Sandeep Matta, Founder, TRADEIT Investment Advisors:
“Gold is trading slightly negative ahead of US employment report, while market participants expect non-farm job numbers to be 500,000. Rally in global equities, dollar strengthening, higher yields, major crypto uptick dragging the precious metal down.
The outlook for today is positive and rangebound opening is expected, however we expect higher volatility in bullion prices soon after the job report. Market participants are advised to limit their trading positions and actively follow key key levels on both sides.
Key level for Gold December contract – 46835; Zone above – buy 46850 with a target of 47000-47250; 46637-46300 . Sell area below target of – 46815