Gold, Silver Futures Continue To Rise; Yellow Metal Eyes Rs 48,000

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Gold Prices Today: Gold, Silver Futures Continue To Rise; Yellow Metal Eyes Rs 48,000

Domestic spot gold with a purity of 24 carats opened at Rs 48,210 per 10 grams.

Gold Price In India: Gold and silver futures continued to commerce on the next word on Friday, January 14, 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 0.53 per cent up at Rs 47,990, in comparison with the earlier shut of Rs 47,736. Silver futures due for a March 4 supply have been final seen 0.52 per cent greater at Rs 62,242 in opposition to the earlier shut of Rs 61,920.

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Domestic spot gold with a purity of 24 carats opened at Rs 48,210 per 10 grams on Friday, and silver at Rs 61,828 per kilogram – each charges excluding GST (items and providers tax), in accordance with Mumbai-based trade physique India Bullion and Jewellers Association (IBJA).

Foreign Exchange Rates:

Globally, gold costs have been set for his or her greatest weekly rise since November, bolstered by a weaker greenback and decrease Treasury yields, whereas merchants awaited more financial information for readability in regards to the Federal Reserve’s tapering timeline. Spot gold rose 0.3 per cent to $1,827.34 per ounce, and has added about 1.8 per cent this week. U.S. gold futures additionally rose 0.3 per cent to $1,827.20.

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Analyst View:

Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd: “Gold and silver prices are continuously rising in the last 3-4 trading sessions. So, there is a probability of some profit booking at higher levels. Momentum indicator RSI also cited the same in hourly as well as daily chart. Traders are advised to book profit in the buy-side and can also create fresh sell positions near given resistance levels. They should focus on important technical levels given for the day: February Gold closing price Rs 47,736, Support 1 – Rs 47,650, Support 2 – Rs 47,500,  Resistance 1 – Rs 47,900, Resistance 2 – Rs 48,100. March Silver closing price Rs 61,920, Support 1 – Rs 61,600, Support 2 – Rs 61,100, Resistance 1 – Rs 62,260, Resistance 2 – Rs 62,600.”

Ravi Singh, Vice President and Head of Research, ShareIndia: “Dollar and Treasury yields retreated after U.S. inflation came in line with the expectations, putting gold prices under pressure and opening door for early rate hike. Gold and silver are looking strong on intraday chart and may give breakout in coming sessions.”

He prompt, “Buy Zone above – Rs 47,800 for the target of Rs 48,100. Sell Zone below – Rs 47,600 for the target of Rs 47,400.”

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