MCX Gold Tips & Trading Strategy: On the Multi-Commodity Exchange (MCX), the gold contracts were up 0.09 percent to Rs 47,968 for 10 grams at 9.20 am on November 22. Silver futures gained 0.14 percent to Rs 64,660 a kilogram.
Swiss (Switzerland) exported more gold to China in October than in any month since June 2018, according to Swiss customs data that also showed shipments of gold to India falling slightly from September. China and India are the largest consumers of gold. Demand in both countries slumped during the coronavirus pandemic last year but has recovered strongly.
MCX Gold Tips Today: Gold prices holding well above $1855 inched higher in morning session but still hovered around a recent low, after a jump in U.S. retail sales kept the dollar close to a 16-month high.
MCX Gold Tips Today – Above 48630 Target Price 49530—49700 SL Paid (Buy on Dips)
MCX Gold Buy on Dips: Since the beginning of this month, gold has continued to be in an upward trend. Especially post the mixed FOMC minutes, gold held high. The minutes didn’t hint at any timeline for scaling-back the asset purchases by the Federal Reserve so that has been a positive factor for gold. Also, the focus on the rising delta virus cases, the worries over lockdown kept the gold prices steady.
Spot Gold Forecast: Gold Current Trend – Gold price are consolidating near $1903 in the morning session after a moderate increase the day before, which was supported by the weakness of USD. The US currency remains under significant pressure after last Friday’s US labor market report for May reflected slower-than-expected growth in Nonfarm Payrolls.