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

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

Gold Price In India: Gold and silver futures fell on Monday, November 15, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen 0.17 per cent down at Rs 49,228, compared to the previous close of Rs 49,314. Silver futures due for a December 3 delivery were last seen 0.43 per cent lower at Rs 66,856 against the previous close of Rs 67,144.

Domestic spot gold with purity of 24 carats opened at Rs 49,163 per 10 grams on Monday, and silver at Rs 66,488 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 after slipping from a five-month peak as cautious investors assessed whether rising inflation would prompt a more aggressive response by central banks. Spot gold fell 0.3 per cent to $1,857.71 per ounce, while U.S. gold futures dropped 0.5 per cent to $1,859.80.

Analyst View:

Ravi Singh, Vice President and Head of Research, ShareIndia: “In past weeks we have seen higher volatility in gold prices due to improved macro indicators, stronger US dollar, expectation of early Fed bond tapering and higher US Treasury yields. However, the arising challenges in the stable recovery of global economies and the demand in festival season has somehow maintained the up thrust in safe haven appeal and pushed gold to higher levels. We advice investors to take fresh buy position in gold MCX on dips.

He suggested, “Buy Zone near – Rs 49,000 for the target of Rs 49,500; Sell Zone below – Rs 48,800 for the target of Rs 48,500.”



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