Gold Price Today, 15 Sep 2022: MCX gold looks vulnerable till 49500, sell on rise; check support, resistance

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Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading weak in India on Thursday, on the back of weak global cues. On Multi commodity Exchange, gold October futures were ruling Rs 195 or 0.4 per cent down at Rs 49,823 per 10 gram, as against the previous close of Rs 50,018. Silver December futures were trading Rs 113 or 0.2 per cent down at Rs 56,873 per kg. Globally, yellow metal  prices inched lower as a firmer dollar and expectations of big interest rate hikes from the U.S. Federal Reserve diminished the metal’s appeal, according to Reuters. Spot gold fell 0.1% to $1,693.81 per ounce, while U.S. gold futures were down 0.3% at $1,704.4. The dollar index edged 0.1% higher towards recent peaks, making gold expensive for buyers holding other currencies.

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COMEX gold trades modestly lower amid stable US dollar and higher bond yields as US inflation data did little to deter market expectations that the Fed may continue with aggressive rate hikes. Also weighing on gold price is continuing ETF outflows which shows lack of investor interest. Gold has corrected after failing to break past the $1750/oz level and may remain under pressure as market players position for the Fed meeting next week however we need to see if it manages to hold near the $1700/oz level.

Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities

Gold is under $1700 despite US PPI meeting market expectation. The follow up selling continues after yesterday’s fall when the market was caught wrong footed after US inflation data came higher than expected. $1690-$1685 is the zone where typically buyers emerge and if gold fails to hold this level, then expect prices to test $1675-$1650. In MCX, price has already breached its recent swing low of 49876 and is looking vulnerable till 49500. So sell on rise should be the theme today for intraday with stoploss of 50400 and expected target of 49500.

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Tapan Patel, Senior Analyst — Commodities, HDFC Securities

Gold prices traded weak on Thursday with COMEX Spot gold prices were trading near $1691 per ounce in the morning trade. MCX Gold October futures opened lower in line with weak global cues, were trading 0.37% down near Rs. 49837 per 10 gram. The yellow metal fell below $1700 on growing optimism over aggressive rate hike from US FED with surge in inflation numbers. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1676 and resistance at $1710 per ounce. MCX Gold October support lies at Rs. 49600 and resistance at Rs. 50100 per 10 gram.

(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.)