Gold Price In India: Gold futures jumped on Friday, October 22, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen up 0.58 per cent – at Rs 47,678, compared to the previous close of Rs 47,404. Silver futures due for a December 3 delivery were last seen up 0.83 per cent at Rs 65,552 against the previous close of Rs 65,013.
Domestic spot gold with purity of 24 carats opened at Rs 47,641 per 10 grams on Friday, and silver at Rs 64,891 per kilogram – both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
— IBJA (@IBJA1919) October 22, 2021
Foreign Exchange Rates:
On the global front, gold inched higher and was poised for a second weekly gain, as a softer dollar provided some respite against higher U.S. bond yields. Spot gold rose 0.1 per cent to $1,785.00 per ounce. U.S. gold futures edged 0.2 per cent higher to $1,786.00. The US dollar index was last at 93.733, a little changed, as it continues its fall from a 12-month high of 94.565 hit in earlier this month.
Ravi Singh, Vice President and Head of Research, ShareIndia: “Gold MCX traded in a range bound zone yesterday withholding the pressure from a stronger dollar and higher US treasury yields. Traders are closely monitoring the remarks from US Federal Reserve officials for clarity on the timeline of bond tapering. Recently, two Fed officials said that the US central bank should begin winding down its stimulus measures, but it is too early to hike interest rates. We expect higher volatility in Gold due to increased demand during festive season.
He suggested, “Buy Zone – Rs 47,300 for the target of Rs 47,599; Sell Zone below – Rs 47,100 for the target of Rs 46,900.”