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Gold, Silver Rates Rise On Global Cues

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

Domestic spot gold with purity of 24 carats opened at Rs 47,379 per 10 grams on Monday.

Gold Price In India: Gold futures traded larger on Monday, October 18, because the yellow steel 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 0.11 per cent – at Rs 47,265, in comparison with the earlier shut of Rs 47,213. Silver futures due for a December 3 supply had been final up 0.16 per cent at Rs 63,371 towards a earlier shut of Rs 6,3271.

Domestic spot gold with purity of 24 carats opened at Rs 47,379 per 10 grams on Monday, and silver at Rs 6,3186 per kilogram – each charges excluding GST (items and providers tax), based on Mumbai-based trade physique India Bullion and Jewellers Association (IBJA).

Foreign Exchange Rates:

Gold charges rose as US bond yields and the greenback softened. Spot gold climbed 0.2 per cent to $1,770.26 per ounce. US gold futures had been up 0.1 per cent at $1,770.50. Benchmark US 10-year Treasury yields eased after rising to a excessive of 1.5904 per cent. The greenback index dropped 0.6 per cent to 93.992.

What Analysts Say:

Ravi Singh, Vice President and Head of Research, ShareIndia: “According to data from the Commerce Ministry, gold imports increased to about $24 billion during April-September 2021 from $6.8 billion y-o-y (year-on-year) due to higher demand in the country during festive and marriage season. The correction in gold is due to profit booking and the recently published FOMC (Federal Open Market Committee) meeting minutes of September 21-22 meeting which indicated that the US central bank could begin tapering its $120 billion monthly bond purchase program starting from mid-November or mid-December.”

He added, “Buy Zone above – Rs 47,250 for the target of Rs 47,500 and Sell below – Rs 47,000 for the target of 46,750.”

Amit khare, AVP, Research Commodities, Ganganagar Commodity Ltd: “Gold and silver showed profit booking on the October 15 trading session. On the Multi-Commodity Exchange (MCX), December gold contracts closed down by 1.40% at Rs 47,213 for 10 grams. While December contract Silver futures closed at Rs 63,271 a kilogram, 0.45% down. Yesterday, we saw profit booking in bullions at higher levels, now both metals are again trading at demand zone. Overall technical charts of Gold Silver are strong, Momentum indicator RSI also indicating the same. So traders are advised to make fresh long positions in Gold and Silver near given support levels, traders should focus important technical levels given below for the day: December Gold closing price Rs 47,213, Support 1 – Rs 47,050, Support 2 – Rs 46,850, Resistance 1 – Rs 47,520, Resistance 2 – Rs 47,700.”

He added, “December Silver closing price Rs 63,271, Support 1 – Rs 62,800, Support 2 – Rs 62,200, Resistance 1 – Rs 63,710, Resistance 2 – Rs 64,335.

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