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Gold Price Today, 9 August 2022: MCX gold may test Rs 54000; analysts say add yellow metal in portfolio

The Financial Express logo The Financial Express 09-08-2022 Surbhi Jain
Right now gold is expected to trade weak but in MCX because of the weak rupee, gold will find some footing and is not looking as negative as in COMEX. © Provided by The Financial Express Right now gold is expected to trade weak but in MCX because of the weak rupee, gold will find some footing and is not looking as negative as in COMEX.

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Commodity markets remained closed for the morning session on Tuesday, account of Muharram. The trading for the day will start at 5PM. Globally, yellow metal edged lower as investors await U.S. inflation data due later in the week that could offer more clarity on the Federal Reserve’s rate-hike plans to combat rising pricing pressures, according to Reuters. Spot gold was down 0.2% at $1,784.49 per ounce. U.S. gold futures eased 0.2% to $1,801.20. On MCX, gold October futures settled at Rs 52,261, up 0.8 per cent or Rs 387 on Monday. Silver September futures rose 3 per cent or Rs 1,686 to Rs 59,050 per kg.

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Anuj Gupta, Vice President — Research, IIFL Securities

Gold and silver are trading higher. Gold is trading at 52261 levels on mcx and in international market it is trading at $1790 levels. Silver is trading at 59050 levels on mcx and in international level it is trading at $20.62 levels. Weakness in dollar and investment demand supports the gold and silver prices. Safe haven demand due to geopolitical tension is seen in bullions. Physical demand for bullion is increasing in India in the upcoming festival season. We are expecting that gold and silver may trade higher further. Gold may test 53000 to 54000 on MCX and $1820 to $1840 very soon. Silver may test 63000 on mcx and $22 in international market. Investors can add gold and silver in their portfolio.

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Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities

Gold is trading marginally lower during the European trade session. Traders are still watching China’s military exercises near Taiwan and any aggression from China might help gold in the short run. Crude hit 4.5 month low which might cool off inflation which is negative news for gold. The US dollar and yields are trading flat so we are not expecting any big move today. Technically, October gold futures bears still have the overall near-term technical advantage. Above $1850-$1865 can we see gold bulls taking charge. Right now gold is expected to trade weak but in MCX because of the weak rupee, gold will find some footing and is not looking as negative as in COMEX. In MCX, gold still looks positive until it is above 51200. On the upside, 52500 is the resistance.

(The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)

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