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

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

Domestic spot gold with a purity of 24 carats opened at Rs 48,761 per 10 grams.

Gold Price In India: Gold and silver futures rose on Friday, December 17, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a February 4 delivery, were last seen 0.23 per cent up at Rs 48,756, compared to the previous close of Rs 48,646. Silver futures due for a March 4 delivery were last seen 0.35 per cent higher at Rs 62,370 against the previous close of Rs 62,151.

Domestic spot gold with a purity of 24 carats opened at Rs 48,761 per 10 grams on Friday, and silver at Rs 61,711 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 climbed today, poised for its best week since mid-November, as the dollar weakened following moves by global central banks to withdraw pandemic-era stimulus in response to broadening inflationary risks. Spot gold rose 0.4 per cent to $1,807 per ounce, while U.S. gold futures gained over 0.5 per cent to $1,807.30. The metal has risen about 1.4 per cent this week.

Analyst View:

Ravi Singh, Vice President and Head of Research, ShareIndia: “Although US Federal Reserve sounded optimistic in it’s recent meeting regarding the US economic growth but the data numbers are somehow not supporting this optimism. U.S. economic data continues to disappointing as preliminary estimates show slowing activity in both the manufacturing and service sectors. The report said that activity in the manufacturing sector is at a one-year low.The gold market is trading near session high following the latest economic data.”

He suggested, “Buy Zone near – Rs 48,300 for the target of Rs 48,500; Sell Zone below – Rs 48,200 for the target of Rs 48,000.”

Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd.: “As per the technical chart, gold and silver are looking attractive in daily chart. Momentum indicator RSI also cited the same in hourly as well as daily chart. 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 48,646, Support 1 – Rs 48,400, Support 2 – Rs 48,200,  Resistance 1 – Rs 48,800, Resistance 2 – Rs 49,000. March Silver closing price Rs 62,151, Support 1 – Rs 61,500, Support 2 – Rs 61,000, Resistance 1 – Rs 62,700, Resistance 2 – Rs 63,230.



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