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
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.
Gold Price Prediction India: Short Term Forecasts, 20th January 2021
|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)|
Anuj Gupta of Angel Broking cautions trading in Gold until the budget
Gold Price Prediction for 2021: 10 International Spot Gold Price Predictions
Gold Price Prediction India for 2021: MCX Gold Price Predictions
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|
|Barrick Gold Corporation||
|International Spot Gold||
|MCX Gold - 05 Feb 2021||
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)
New analysis by FX Empire: Gold could go sideways or down in 2021 (15th 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.