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

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Domestic spot gold with purity of 24 carats opened at Rs 48,114 per 10 grams.

Gold Price In India: Gold and silver futures climbed on Tuesday, November 30, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen 0.55 per cent up at Rs 47,847, compared to the previous close of Rs 47,587. Silver futures due for a December 3 delivery were last seen 0.45 per cent higher at Rs 61,915 against the previous close of Rs 61,640.

Domestic spot gold with purity of 24 carats opened at Rs 48,114 per 10 grams on Tuesday, and silver at Rs 62,008 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 edged higher, drawing some support from a subdued US dollar as investors assessed the severity of the Omicron coronavirus variant’s impact on the global economy. Spot gold rose 0.2 per cent to $1,787.70 per ounce. U.S. gold futures increased 0.3 per cent to $1,790.40. The dollar index edged 0.1 per cent lower, reducing the metal’s cost to buyers holding other currencies.

Analyst View:

Manoj Dalmia, Founder and Director – Proficient Equities Ltd.: “After last week’s selloff, gold is trying to consolidate above the multitude of supports of 200 as well as 50-day averages. Short term trend for gold is down and in long term: it is remaining choppy. The present range of Rs 48,000-47,300 is very important and in fact the last line of defense for the bulls in gold. In case it breaks Rs 47,250, intermediate trend will also turn downward and likelihood of Rs 47,000 followed by Rs 46,480 will increase. A closing above Rs 48,000 is required for bulls to take control in gold.”

Ravi Singh, Vice President and Head of Research, ShareIndia: “Gold in Comex is trading sideways due to expiry pressure. Also, traders are likely to closely watch Federal Reserve Chairman Jerome Powell’s testimony to U.S. Senate in a speech titled “Coronavirus and CARES Act” on Wednesday. If Powell assures markets of unlimited support in the event of a worsening pandemic, then gold prices may break the resistance of Rs 47,700 for new levels in MCX.”

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

Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd.: “We are seeing profit booking in bullions since last 7-8 trading sessions. Now 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 important technical levels given for the day: February Gold closing price Rs 47,990, Support 1 – Rs 47,850, Support 2 – Rs 47,700,  Resistance 1 – Rs 48,200, Resistance 2 – Rs 48,550. March Silver closing price Rs 62,436, Support 1 – Rs 62,000, Support 2 – Rs 61,500, Resistance 1 – Rs 63,000, Resistance 2 – Rs 64,000.”





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