Gold Price In India: Gold futures continued to trade higher on Tuesday, October 19, as the yellow metal took cues from international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen trading higher by 0.48 per cent – at Rs 47,516, compared to the previous close of Rs 47,291. Silver futures due for a December 3 delivery were last up 1.51 per cent at Rs 64,220 against a previous close of Rs 63,266.
Foreign Exchange Rates:
Gold gained slightly with the spot price rising 0.2 per cent to $1,767.9 an ounce, though the metal remained well within its recent range. The US dollar fell 0.02 per cent to 93.95 against a basket of currencies. It had earlier reached 94.17 as U.S. Treasury yields increased. Yields on five-year bonds rose as high as 1.193 per cent, their highest since February 2020, extending a two-week rising streak.
What Analysts Say:
Ravi Singh, Vice President and Head of Research, ShareIndia: “Gold future traded marginally higher yesterday taking cues from rising demand of gold globally. However, the rising US Treasury yields is continuously putting pressure on Gold prices and capping the upward move. After the sharp profit booking, the outlook of gold is still positive and investors are advised to go long on every correction in gold futures.”
He suggested, “Buy Zone above – Rs 47,300 for the target of Rs 47,500. Sell Zone below – Rs 47,100 for the target of Rs 46,900.”
Manoj Dalmia, Founder and Director, Proficient Equities Ltd: “Gold was in primary downtrend until recently but now bears are slowly getting exhausted and it might be entering into a bullish territory, pending confirmation. There is an overhung resistance of 100-day average for gold at Rs 47,650 levels and reversal of downtrend will be confirmed only upon closing above this mark. If that happens, one may buy gold for higher prices like Rs 48,500 or beyond.
November and December are also traditionally bullish for gold from the perspective of seasonality and hence a breakout from current levels looks reasonable.”
Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd: “Yesterday, December Gold Futures made a high of Rs 47,437 then made a low of Rs 47,169. And silver made a high of Rs 63,636 then made a low of Rs 62,804. On Monday, we saw some safe haven buying in bullions at lower levels. Both metals are currently trading at demand zone and overall technical charts of gold, silver are strong. Momentum indicator RSI also citing the same. So, traders are advised to make fresh long positions in gold and silver near given support and technical levels for the day: December Gold closing price: Rs 47,291, Support 1 – Rs 47,200, Support 2 – Rs 47,000, Resistance 1 – Rs 47,500, Resistance 2 – Rs 47,700. December Silver closing price: Rs 63,266, Support 1 – Rs 62,800, Support 2 – Rs 62,300, Resistance 1 – Rs 63,750, Resistance 2 – Rs 64,400.”