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Gold futures trade below Rs 47,000, silver gains

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Gold futures were last seen trading lower by Rs 45 or 0.1 per cent at Rs 46,862

Gold Price in India: Gold futures traded lower on Thursday, October 7 as the yellow metal showed trends in global markets with lower oil prices and a strengthening US dollar. On the Multi Commodity Exchange (MCX), gold futures, due for delivery on December 3, were trading lower by Rs 45, or 0.1 per cent, at Rs 46,862 last time as compared to the previous close of Rs 46,907. Silver futures due for delivery on December 3 was up 0.04 per cent at Rs 61,027, from Rs 61,003 in the previous.

Foreign exchange rate:

The US dollar today edged closer to a 14-month high against the euro, as rising energy prices raised the risk of the Federal Reserve acting too soon to normalize policy. The rupee fell by 22 paise to 74.76 against the US currency in the opening trading session today.

What Analysts Say:

trading strategy

Sandeep Matta, Founder, TRADEIT Investment Advisor

Despite the odds, gold has started showing strength and closed with marginal gains in yesterday’s trade. Market participants await US non-farm payroll data that will be released tomorrow and are betting positively on the unknown as payroll data will influence and shape the Federal Reserve’s current plan.

The outlook for today is positive and range-bound consolidation is expected where $1,775/oz will be an important level for the precious metal to pass before the fireworks.

Key level for Gold December contract – 46918; Above area to target 47050-47300 – buy 46925; Sell ​​area below – 46900 to target 46707-46537.

Dr. Ravi Singh, Vice President and Head of Research, SHAREIndia:

“Higher US Treasury yields on rising inflation expectations and the Fed’s tapering off soon is weighing on gold prices. Now the focus is turning to US jobs data to determine the next direction gold prices will take.” .

Buy Zone Above – 46800 with a target of 47300; Zone Down – Sell 46600 to target 46300.

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