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Gold, Silver Rates Decline On Global Cues

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

Domestic spot gold with a purity of 24 carats opened at Rs 48,125 per 10 grams.

Gold Price In India: Gold and silver futures fell on Wednesday, December 22, taking cues from the worldwide spot costs. On the Multi Commodity Exchange (MCX), gold futures due for a February 4 supply, have been final seen 0.08 per cent down at Rs 48,030, in comparison with the earlier shut of Rs 48,067. Silver futures due for a March 4 supply have been final seen 0.27 per cent decrease at Rs 61,640 in opposition to the earlier shut of Rs 61,805.

Domestic spot gold with a purity of 24 carats opened at Rs 48,125 per 10 grams on Wednesday, and silver at Rs 61,393 per kilogram – each charges excluding GST (items and companies tax), in accordance with Mumbai-based trade physique India Bullion and Jewellers Association (IBJA).

Foreign Exchange Rates:

Globally, gold costs have been caught in a slender buying and selling vary as buyers headed into year-end holidays, with a gradual enchancment in threat urge for food countering safe-haven demand fuelled by the quickly spreading Omicron Covid-19 variant. Spot gold was final down 0.1 per cent at $1,786.58 per ounce; whereas U.S. gold futures fell 0.1 per cent to $1,786.60.

Analyst View:

Ravi Singh, Vice President and Head of Research, ShareIndia: “Gold is trading in a tight range due to as global shares rose, with European and U.S. stocks rebounding on renewed risk appetite, despite the surging number of Omicron cases around the world. Gold prices may remain range bound between Rs 47,800-48,300 this week. Buy Zone above – Rs 48,300 for the target of Rs 48,600; Sell Zone below – Rs 47,800 for the target of Rs 47,500.”

Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd.: “As per technical chart, gold and silver are looking attractive. 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 48,067, Support 1 – Rs 47,880, Support 2 – Rs 47,700,  Resistance 1 – Rs 48,250, Resistance 2 – Rs 48,500. March Silver closing price Rs 61,805, Support 1 – Rs 61,200, Support 2 – Rs 60,500, Resistance 1 – Rs 62,450, Resistance 2 – Rs 63,000.”



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