Gold Prices Today: Gold, Silver Rates Fall On Global Cues

Gold Prices Today: Gold, Silver Rates Fall On Global Cues

Domestic spot gold with a purity of 24 carats opened at Rs 47,618 per 10 grams.

Gold Price In India: Gold and silver futures fell on Thursday, December 2, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a February 4 delivery, were last seen 0.69 per cent down at Rs 47,544, compared to the previous close of Rs 47,872. Silver futures due for a March 4 delivery were last seen 0.25 per cent lower at Rs 61,155 against the previous close of Rs 61,307.

Domestic spot gold with a purity of 24 carats opened at Rs 47,618 per 10 grams on Thursday, and silver at Rs 60,727 per kilogram – both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).

Foreign Exchange Rates:

Globally, gold prices eased as investors gauged the U.S. Federal Reserve’s response to inflationary risks and economic recovery concerns amid the new Omicron coronavirus variant. Spot gold was down 0.3 per cent at $1,777.13 per ounce. U.S. gold futures fell 0.4 per cent to $1,778.00.

Analyst View:

Ravi Singh, Vice President and Head of Research, ShareIndia: “Gold retreated after Fed Chair Jerome Powell said the central bank may discuss speeding up its taper of large-scale bond purchases at its next meeting. Powell’s comments also helped strengthen the U.S. dollar, further weighing on gold as it increases the metal’s cost to buyers holding other currencies. We expect gold to trade sideways in the range of Rs 47,700 – Rs 48,200 this week.

He suggested, “Buy Zone above – Rs 48,000 for the target of Rs 48,300; Sell Zone below – Rs 47,700 for the target of Rs 47,500.

Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd.: “We are seeing huge volatility in bullions and this may continue for full month of December. The current levels are the best prices for short term investors. As per technical chart overall structure of gold and silver are looking positive. Momentum indicator RSI also cited the same in hourly chart and trading at oversold zone. So short term investors are advised to create fresh longs for in small dips near given support levels. Traders should focus on important technical levels given for the day: February Gold closing price Rs 47,875, Support 1 – Rs 47,650, Support 2 – Rs 47,500, Resistance 1 – Rs 48,100, Resistance 2 – Rs 48,370. March Silver closing price Rs 61,307, Support 1 – Rs 60,800, Support 2 – Rs 60,400, Resistance 1 – Rs 61,725, Resistance 2 – Rs 62,225.”

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