Gold Price Today, 1 July 2021: Gold gains after falling to 2-month low on Wednesday; US non-farm payroll eyed

Some short covering and bargain hunting was seen yesterday after gold fell to 2 month low on better than expected U.S. consumer confidence index, said an analyst

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices edged higher in India on Thursday, even as yellow metal in the international market fell on a strong US dollar, which hovered near a three-month low. On Multi Commodity Exchange, gold August futures were trading Rs 136 or 0.3 per cent up at Rs 46,975 per 10 gram. On Wednesday, gold prices ended in green but posted record monthly losses. Silver September futures were ruling at Rs 69,466 per kg, up Rs 392 or 0.57 per cent. In the previous session, silver futures ended at Rs 69,074. Globally, spot gold eased 0.1 per cent to $1,769.11 per ounce. US gold futures fell 0.2 per cent to $1,768.10. The dollar held firm near a three-month high in the previous session.

Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities

Some short covering and bargain hunting was seen yesterday after gold fell to 2-month low on better than expected U.S. consumer confidence index which is now at pre-pandemic levels. Gold prices managed to gain despite a higher than expected ADP national employment report for June. We believe gold’s direction will only come after tomorrow’s US Non-Farm payroll data. Gold was due for some pullback after sharp fall on Monday and gold has almost recovered all of its losses and is back now in the same narrow range of 46800-47300 where it was trading since 21st June. Gold needs to break above $1800 for buyers to have upper hand. Till then gold is susceptible to breakdown. In MCX, gold needs to break Rs.47500 to gain momentum on the upside. We are neutral right now and will recommend to take positions after tomorrow’s Non-Farm Payroll data.

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities

COMEX gold trades marginally higher near $1773/oz after a 0.5% gain yesterday. Gold has recovered from recent lows amid dip-buying, renewed virus concerns and mixed economic data from major economies. However, weighing on price is firmness in the US dollar and persisting concerns about Fed’s monetary tightening and strength in equity markets. Gold has bounced back after taking support near $1750/oz level but may remain under pressure as Fed’s monetary tightening expectations may keep US dollar supported.

NS Ramaswamy, Head of Commodities, Ventura Securities

Yesterday, Gold prices ended in green with a record monthly losses. Today, we expect the MCX Gold Aug prices to trade sideways. Immediate strong support is seen at 46,700 level which is 20 weeks moving average. Prices are holding above the 20 weeks moving average. On the upside 47,100 is the key resistance for the prices. Breaking above this level, we may see relief rally in Gold prices for intraday which may head towards 47,500 level. MCX Silver Sep prices are also likely to trade sideways for intraday. The key resistance for the prices is seen at 100 EMA level on daily chart which is now placed near 69,800 level. Breaking above this level on hourly closing basis, we may see relief rally in Silver prices which may head towards 70,500 level.

Abhishek Chauhan, Head Commodities and Currency, Swastika Investmart

Gold prices opened near 47000 levels, a short covering was seen following a strong selling. We have seen a huge selling pressure in bullion at higher levels, but yesterday gold managed to hold its support level of 46400 with good buying volume and faced resistance at 47200-47250 levels. We are expecting a range bound move and suggest selling near resistance levels of 47200.

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