Sat. Oct 16th, 2021

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Gold price: the yellow metal falls

Commodity prices fell, most commodities in the non-agricultural sector recorded sales due to the dollar gain. Bullion prices had their lowest day on Friday, and continued to fall weekly after the release of U.S. payroll statistics. Crude oil prices fell for the first time in nine months, while primary metals lagged behind weak global indications due to concerns about growing demand. On Monday, India’s futures Gold MCX indices fell more than 1% in morning trading, equaling a fall in international spot prices. This fell to a low of more than four months, as solid U.S. job data fueled fears that the Federal Reserve could raise interest rates earlier than expected.

Spot gold fell more than 2.3% to $ 1,722.06 an ounce. Earlier in the day, prices fell to $ 1,684.37, the lowest since March 31, according to Reuters. The data increased the dollar and Treasury yields to a 10-year benchmark in the United States, undermining the attractiveness of gold as a hedge for inflation. On the Multi-Commodity Exchange (MCX), October gold contracts traded 1.4% lower at Rs 45,981 per kilo. September silver futures traded 1.9% lower, at 63,730 rupees per kilogram.

Domestic market

Domestic markets also ended in a sour tone. , gold and silver prices fell on Friday, boosting the dollar index and 10-year benchmark bond yields. On Friday, in international markets, gold and silver prices settled on a lower note. December gold futures ended at $ 1,763.50 per troy ounce.

The price of gold fell to its lowest level since April 2020 due to stronger-than-expected U.S. non-farm payroll statistics. Strong U.S. labor statistics also indicate that the Federal Reserve is setting out its strategy to reduce bond purchases in early 2022, Manoj Kumar Jain said.

They predict that the two precious metals will remain poor in Monday’s session and show more weakness amid significant gains in US equities and dollars. Gold may retry $ 1710 per troy ounce. He stated that gold has a support level of $ 1734-1710 per troy ounce and a resistance level of $ 1778-1792 per troy ounce.

Gold has a support level of 46300-45950 and a resistance level of 46920-47200 on the MCX, while silver has a support level of 64100-62800 and a resistance level of 66200-67100.

Technical indicators

After falling 0.3% yesterday, COMEX gold is trading modestly at about $ 1804 / oz. The strength of the US dollar, driven by falconry statements by Fed members, weighs on gold.

Investor interest sees ETF outflows. However, increased geopolitical tensions, rising virus cases, and mixed economic data from critical economies support price.

Gold has retreated after staying above the 1836 mark, although it is still trading above $ 1800 / oz. Gold, like stocks, may remain volatile, but if U.S. non-farm payroll data disappoint. International gold and silver futures and futures prices fell on Friday after strong U.S. employment data led the Federal Reserve to begin lowering its economic stimulus earlier than initially forecast. National gold and silver prices fell on Friday, reflecting world values.

The post Gold Price: Falling Yellow Metal first appeared on FinanceBrokerage.

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