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Gold Price Today, 8 March 2022: Gold prices fall on firm dollar, MCX gold may hit Rs 53800; buy on dips

Gold Rate Today, Gold Price in India on 8 March 2022: Gold prices in India were trading flat with a negative bias on Tuesday on the back of weak global cues

Gold Rate Today, Gold Price Today in India
Gold continues to gain value hovering around the $2000 mark, based upon rising inflation levels and the current crisis in Ukraine.

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading flat with a negative bias on Tuesday on the back of weak global cues. On Multi Commodity Exchange, gold April futures were trading flat at Rs 53,509 per 10 grams. Silver May futures were seen ruling at Rs 70,108 per kg, up Rs 70 on MCX. Globally, yellow metal prices slid from the key $2,000-per-ounce mark, as the U.S. dollar held firm near a multi-month peak, while palladium eased from record highs after investors took a breather as Russia-Ukraine talks hardly advanced, according to Reuters.

Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services

Gold continues to gain value hovering around the $2000 mark, based upon rising inflation levels and the current crisis in Ukraine. The rising conflict between the two countries has given a sharp boost to the commodity prices increasing the level of uncertainty in the market. There were times in yesterday’s session where the bullion prices took some breather although they bounced back higher in no time. Market participants today will keep an eye on the EU GDP data. Focus will also be on the comments from any fed officials and ECB policy scheduled later this week. Broader trend on COMEX could be in the range of $1945- 2030 and on domestic front prices could hover in the range of Rs 53,000- 53,800

Pritam Patnaik, Head – Commodities, HNI and NRI Acquisitions, Axis Securities

Despite no progress made between the Russian and the Ukrainian government to de-escalate the situation during their third round of talks, Gold prices did seem to come under some profit booking and pressure from a rising dollar index, as the prices slid from the key $2,000-per-ounce mark. This is not taken as a corrective procedure action, it is just that gold is consolidating before embarking on a fresh rally. Beyond the geopolitical support, gold prices have a firm backing of high inflationary trends and the inserting of stagflation across major economies. So, buy on dips remain a prudent approach, but with strict stop losses.

Tapan Patel, Senior Analyst — Commodities, HDFC Securities

Gold prices traded weak on Tuesday with spot gold prices at COMEX were trading around half a percent down near $1986 per ounce in the morning trade. MCX Gold April futures opened flat near Rs. 53530 per 10 gram despite weak prices. Gold prices took a breather with rise in US bond yields which were trading 2.77% up near 1.79. The current market uncertainty over Russia-Ukraine conflict and inflation worries may keep gold prices up for the near term. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1970 and resistance at $2005 per ounce. MCX Gold April futures support lies at Rs. 53200 and resistance at Rs 54,000 per 10 gram.

Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities

Fear in the markets has driven up demand for safe haven assets, which is why both the dollar and gold have been rallying in tandem over the last month. Gold touched $2000 but has come off its highs as U.S. dollar held firm near a multi-month peak while equity markets continue to witness strong sell off. Looking at money managers positions, Hedge funds are the least bearish on gold since June of last year, and with the current market sentiment, prices could be on track to push above the August 2020 record highs. Speculators have aggressively covered their short positions, as it became apparent that the conflict between Russia and Ukraine is unlikely to get over soon and with higher inflation, there will be economic slowdown which will make major central banks take a balanced approach to monetary policy. We urge investors to maintain at least 30% of their portfolio in gold and add positions whenever there is any dip. Long-term fundamentals still point gold to surpass $2100 while high inflation and negative real interest rate will help gold close above $2000 this year.

(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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