10 Gold Price Predictions in Rupees (Updated) | Gold Rate Prediction 2021

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10 Gold Price Predictions in Rupees (Updated) | Gold Rate Prediction 2021

20 Jan 2021
10 Gold Price Predictions in Rupees (Updated) | Gold Rate Prediction 2021
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According to analysts, Gold price prediction (International Spot) for Wednesday (20th Jan 2021) is in a trading range of $ 1786 (Rs 46110) to $ 1842 (Rs 47556). Gold price prediction in India (MCX) for Wednesday is in a trading range Rs 48258 and Rs 49082
Gold price prediction for 2021 (International spot) on the basis of the last 10 forecasts is $ 2107 (Rs 54231). Gold price prediction in India for 2021 (MCX) on the basis of the last 5 forecasts is Rs 62400. 
Please note, India MCX prices are 2.5-3% higher than International prices. Gold Prices in India are reported on a per 10 gm basis for 24 carat Gold.

Gold Price Prediction India: Latest Updates, 20th of January 2021

Current Gold Prices: International Spot Gold was trading 0.7% higher at  $ 1853 on Wednesday, 20th of January 2021 (Rs 47792 per 10 gms). In India, Domestic Gold price (MCX) was trading 0.4% higher at Rs 49155 on Wednesday. Domestic Gold price (Retail-Mumbai) which trails the commodity markets was trading 0.8% higher at Rs 50910 on Wednesday. Gold is sold at a premium in local markets when compared with MCX prices.

$ 1846 is a critical level for Gold to sustain so that it can move towards $ 1860 and then $ 1876

Insights

The Dollar Index was trading 0.1% lower at 90.4 on Wednesday (Due to better than expected Chinese GDP results and Janet Yellen's call for Bold Stimulus) giving Gold a small push upwards. 

Will Gold Price go down further?

The short term momentum for GOLD is negative as the Dollar appears to have moved away from the lows of last few weeks.

Gold long positions have fallen to a 3 month low, they were at a 9 month high last week. 

Seeking Alpha analysis suggests that the Gold market is ready to explode but the current prices are not a great time to enter the market. Angel Broking recommends that the short term trends for Gold are not favorable

Daily new COVID cases appeared to have peaked on January 8th, 2021. One must wait for atleast another 10 days to be certain about this

Gold Production and Gold Demand:

Two of the top 4 Gold Miners closed higher on Tuesday. Anglogold Ashanti was trading 1.8% higher this afternoon. Gold ETF SPDR Trust saw a 1.4% increase in net inflows on Friday, first inflow since January 4th. Sale of Gold by the Royal Mint in UK increased by 510% in November and December of 2020. 

World Gold Council (WGC) Predicts Gold demand to take off in 2021 in India

All 3 of the top 3 Jewellery stocks in India were trading higher on Wednesday even as the broader NIFTY index closed higher by 1.7%. Jewellery demand is up between 10-20% due to fall in Gold Prices


Read about NIFTY Predictions for 2021 and short term here


Gold Price Prediction India: Short Term Forecasts, 20th January 2021

Source Support Resistance
FXEmpire $ 1764 $ 1825
FX Street $ 1775 (S3) $ 1851 (R1)
Investing.com $ 1788 (S3) $ 1847 (R1)
DailyFX $ 1815 (S3) $ 1846 (R1)
in.Investing.com Rs 48258(S3) Rs 49082(R1)

Gold could go below $ 1800 according to FXStreet

Anuj Gupta of Angel Broking cautions trading in Gold until the budget

Gold Price Prediction for 2021: 10 International Spot Gold Price Predictions

  1. FX Empire: Gold to hit $ 2300 (Rs 59380) in 2021 (30th Dec)
  2. BNP Paribas expects an average price of $ 1945 (Rs 50057) in 2021 with a peak of $ 2010 (Rs 52196) in the 2nd quarter (29th Dec)
  3. HDFC Securities predicts Gold at $ 2150 (Rs 55830) on International spot and Rs 57000 on MCX Gold in 2021 (27th Dec)
  4. Credit Suisse predicts Gold at $ 2100 (Rs 54937) by end of 2021 with a peak of $ 2000 in Q3 CY 2021 (22nd December)
  5. ABN Amro Bank predicts Gold at $ 2100 (Rs 54488) by end of 2021 (18th December)
  6. Commerzbank predicts Gold at $ 2300 (Rs 59645) by end of 2021 (16th December)
  7. Capital economics predicts Gold at $ 1900 (Rs 49390) by end of 2021 (15th December)
  8. ANZ Bank Predicts Gold at $ 2100 (Rs 54621) by the end of 2021 (14th December)
  9. ING forecasts Gold to close at $ 2020 (Rs 52682) by the end of 2021 (10th December)
  10. Wells Fargo forecasts Gold at between $ 2100 to $ 2200 (Rs 54615) next year (9th December)

Gold Price Prediction India for 2021: MCX Gold Price Predictions

  1. Ranka Jewellers: Gold at Rs 63000 in 2021 (9th January)
  2. Axis Securities: Gold at Rs 62000 in 2021 (5th January)
  3. ICICI Securities: Gold at Rs 65000 by end of 2021 (1st January)
  4. Religare Broking: MCX Gold at Rs 65000 by end of 2021 (1st January)
  5. HDFC Securities predicts Rs 57000 on MCX Gold in 2021 (27th Dec)

Economic Times: Investors purchasing Gold in 2021 should look at longer holding time (25th Dec)

Gold Rate Prediction India: Latest Gold Rates in India

Domestic MCX Gold was trading 0.4% higher on Wednesday

Gold Rate in Mumbai local markets were trading 0.7% higher at Rs 50560 on Tuesday. Gold Rates in other key markets were as follows

  19th Dec 2020 19th Jan 2021 Change
Mumbai Rs 52010 Rs 50560 -1450
Ahmedabad Rs 51930 Rs 50460 -1470
Bangalore Rs 51710 Rs 50570 -1140
Delhi Rs 51930 Rs 50570 -1360
Hyderabad Rs 51750 Rs 50630 -1120
Jaipur Rs 51870 Rs 50400 -1470
Kochi Rs 51775 Rs 50635 -1140
Kolkata Rs 51610 Rs 50535 -1075
Chennai Rs 51770 Rs 50630 -1140

Gold rates in the North and Western India markets have fallen much more than in East and South India


Gold Rate Prediction India: Performance of Gold Mining and Jewellery Stocks

    20th      Jan 2021     Last 1 month
Gold Miners
Anglogold Ashanti

+2.5%

-2.3%
Newmont Corporation

0%

19th Jan

+1.9%
Barrick Gold Corporation

+1.1%

19th Jan

+1.6%
Kinross Gold

0.4%

19th Jan

-6.7%
Gold Prices
International Spot Gold

+0.7%

-2.3%
MCX Gold - 05 Feb 2021

+0.4%

-3.0%
Jewellers
Titan Company

+0.7%

+3.0%
Rajesh Exports

+0.1%​​

+2.1%
Vaibhav Global

+0.9%

+28.1%

 


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Gold Price Prediction India: News Coverage

New Seeking Alpha analysis suggests that there are indicators of a bullish move in Gold over the next few months (20th Jan)

Standard Chartered: Gold to reach $ 2075 in Q2 of 2021 (20th Jan)

Chris Vermuelen: Gold will fall before it raises (19th Jan)

New analysis by FX Empire: Gold could go sideways or down in 2021 (15th Jan)

Jeffrey Gundlach who was buillsh on Gold last year is now neutral to it (14th Jan)

Bloomberg Intelligence continues to be optimistic about Gold expecting $ 2000 to the base for 2021 (14th Jan)

Kitco Retail Survey predicts Gold at $ 2300 in 2021 (31st December)

FX Street has published multiple Gold forecasts for 2021, read here (29 Dec)

Read this thorough analysis about the relationship between Fed balance sheet and Gold Prices

Watch this space for more updates on Gold Price Forecast.

Crowdwisdom360 is a portal for predictions. However, these predictions are a summary of those available on the internet. We don't make any recommendations of our own. Please carry out your own research before making any investments. We are not liable if you lose money nor do we take credit for your profits. Be aware of the risks involved investments, whether in Gold or stock markets.

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