Gold Prices Today: Gold Rates Edge Higher; Silver Prices Decline -India News Cart

Domestic spot gold with a purity of 24 carats opened at Rs 47,966 per 10 grams.

Gold Price In India: Gold futures edged higher on Thursday, December 9, while silver futures slipped. On the Multi Commodity Exchange (MCX), gold futures due for a February 4 delivery, were last seen 0.08 per cent up at Rs 48,092, compared to the previous close of Rs 48,055. Silver futures due for a March 4 delivery were last seen 0.27 per cent lower at Rs 61,457 against the previous close of Rs 61,623.

Domestic spot gold with a purity of 24 carats opened at Rs 47,966 per 10 grams on Thursday, and silver at Rs 61,219 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:

On the global front, gold was trading at $1,787 per ounce (an ounce is equal to approximately 28.3 grams). “COMEX gold trades in a narrow range above $1780 per ounce after a near flat close yesterday. Gold is range bound amid lack of fresh triggers and as market players position for US inflation data which will be last major indicator ahead of Fed decision next week. ETF investors have also moved to sidelines. Support from geopolitical tensions, stress in China’s property sector and inflation concerns is countered by improved risk sentiment as market players play down virus risks. Gold may remain range bound however prospect of Fed’s monetary tightening may continue to weigh on prices,” said Ravindra Rao, CMT, EPAT, VP – Head Commodity Research at Kotak Securities.

Analyst View:

Ravi Singh, Vice President and Head of Research, ShareIndia: “The new variant Omicron is creating an atmosphere of uncertainty in the global market due to the possible consequences on the economic activities if the outbreak is catastrophic. Most of the developed economies are facing high inflation and slow economic recovery. The gold prices in this scenario will find support as U.S. may prefer to delay the tapering decision for the time being.”

He suggested, “Buy Zone above – Rs 48,100 for the target of Rs 48,500; Sell Zone below – Rs 47,700 for the target of Rs 47,500.”

Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd.: “We can see huge volatility in bullions in December month. As per technical chart gold and silver are trading at oversold zone and making bottom. Momentum indicator RSI also cited the same in hourly as well as daily chart. The current levels are the best prices for short term investors. So, they are advised to create fresh longs for in small dips near given support levels. Traders should focus on important technical levels given for the day: February Gold closing price Rs 48,055, Support 1 – Rs 47,850, Support 2 – Rs 47,600, Resistance 1 – Rs 48,300, Resistance 2 – Rs 48,500. March Silver closing price Rs 61,623, Support 1 – Rs 61,300, Support 2 – Rs 60,600, Resistance 1 – Rs 62,100, Resistance 2 – Rs 62,500.”

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