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Gold, Silver Prices Rise On Global Cues

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

Domestic spot gold with purity of 24 carats opened at Rs 47,959 per 10 grams on Thursday.

Gold Price In India: Gold futures traded marginally larger on Thursday, October 14, because the yellow metallic took cues from worldwide spot costs. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 supply, had been final seen buying and selling larger by 0.06 per cent – at Rs 47,948, in comparison with the earlier shut of Rs 47,916. Silver futures due for a December 3 supply had been final up 0.48 per cent at Rs 63,190 in opposition to a earlier shut of Rs 62,887.

Domestic spot gold with purity of 24 carats opened at Rs 47,959 per 10 grams on Thursday, and silver at Rs 62,693 per kilogram – each charges excluding GST (items and companies tax), in response to Mumbai-based trade physique India Bullion and Jewellers Association (IBJA).

Foreign Exchange Rates:

Gold, normally seen as a hedge in opposition to inflation, shone as a softer US greenback added to its energy. Spot gold jumped 1.9% to $1,792.91 an oz. U.S. gold futures climbed 1.92% to $1,792.00 an oz.

The greenback index fell 0.42% to 94.033 from a one-year excessive of 94.563 struck the day before today.

What Analysts Say:

Sandeep Matta, Founder, TRADEIT Investment Advisor: “The precious metal posted strong gains due to slightly increase in US inflation data in September. Further US Federal Reserve minutes from the September meeting showed central bank officials looking to start reducing their bond-buying stimulus program as soon as mid-November or mid-December, with plans to wrap up in the middle of next year. Gold on MCX has also closed around day high with almost thousand-point rally and bulls have gain near term technical advantage. We are repeatedly advising market participants to remain long in gold from past few days and are still positive on yellow metal. The outlook is positive for today with some consolidation after this sharp rally and market participants are advised to follow key pivotal levels both the sides.”

He added, “Key level for Gold December Contract – Rs 47,682; Buy Zone above – 47,700 for the target of Rs 48,200-48,500; Sell Zone below – Rs 47,650 for the target of Rs 47,500-46,445.”

Ravi Singh, Vice President and Head of Research, ShareIndia: “The IMF cut its global growth forecast for 2021 to 5.9% from 6% in its July report, a result of a reduction in its projection for advanced economies to 5.2% from 5.6%. The shaky confidence on global economies has driven gold prices to higher levels.”

He instructed, “Buy Zone – Rs 47,700 for the target of Rs 48,200; Sell Zone below – Rs 47,600 for the target of Rs 47,400.”

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