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Gold Futures Trades Partially Lower-Above Rs 46,000, Silver Drops

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Gold futures were last seen trading greater by Rs 143 or 0.31 percent - at Rs 46,180 Gold Price In India: Gold futures continued traded partially lower on Friday, October 1, as the yellow metal mirrored worldwide patterns and stayed above the Rs 46,000 level, after rates went higher yesterday.

On the Multi Product Exchange (MCX), gold futures due for an October 5 shipment, were last seen trading lower by Rs 143 or 0.31 percent - at Rs 46,180, compared to their previous close of Rs 46,323.

Silver futures due for a December 3 shipment were last down 0.39 per cent at Rs 59,387 versus a previous close of Rs 59,617.

Foreign exchange rates: On Friday, the rupee decreased 12 paise to 74.35 versus the dollar in opening trade tracking a strong American currency in the abroad market and a muted trend in domestic equities.

Gold is a hedge versus inflation and inches higher versus a weaker greenback, according to experts.Gold rates appreciate in rupee terms, if the rupee falls versus the United States dollar.

The United States Federal Reserve conference indicated a hike in rate of interest sooner than anticipated which pressed the dollar to a multi-month high.

What analysts say: Mr Amit Pabari, MC, CR Forex: The United States dollar index continued its bullish momentum for the third straight day to price estimate near the 94.40 mark-its greatest level over a year.On the domestic front, Indian equities have been an outperformer for the present year in the middle of * stable financial data, under-control inflation, and higher vaccination drive.The RBI's intervention in the forex market is likely to remain low as they will inspect the volatility in addition to the spot/forward rates.

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities: COMEX gold trades partially lower near $1755/oz after a sharp 2 per cent gain the other day.

Gold stays pressurized by firmer US dollar, Fed's monetary tightening expectations and weaker investor interest.However, supporting price is global growth concerns amidst combined economic data, rising inflation issues amidst greater inflationary pressure and increasing issues about Chinese economy.

Weak point in equities has also increased gold's appeal as an alternative asset.Gold has gotten better from lows nevertheless a continual rise is difficult with the US dollar still hanging on to its gain.

Trading StrategySandeep Matta, Creator - TRADEIT Financial Investment Consultant: The precious metal has actually experienced sharp short coving and deal hunters entered buying the counter post Federal Reserve Chairman pointed out that the U.S.

is still far from full employment.Falling equity market and depreciating dollar might help gold costs to gain even more from here onwards nevertheless trend is still sell on rise and long-lasting position ought to be avoided.

Secret level for GOLD AUG Agreement-- 46312; Buy Zone Above-- 46325 for the target of 46700-47000; and offer zone below-- 46300 for the target of 46100-45900.




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