Domestic spot gold with 24-carat purity opened at Rs 47,722/10 grams.
Gold price in India: Gold and silver futures trade higher on Tuesday, January 11, taking cues from international spot prices. On the Multi-Commodity Exchange (MCX), gold futures for February 4 futures were up 0.23% at Rs 47,566, compared with a previous close of Rs 47,455. Silver for March 4 futures futures was 0.41% higher at Rs 60,918 from the previous close of Rs 60,667.
24-carat domestic spot gold opened at Rs 47,722/10 grams on Tuesday and silver at Rs 60,550/kg – both with prices excluding GST (goods and services tax) , according to Mumbai-based Indian industry body Gold and Jewelers. (IBJA).
#Yellow and #Silver Opening #Price for 11/01/2022#IBJApic.twitter.com/Ko1Vpseil1
– IBJA (@ IBJA1919) January 11, 2022
Exchange rate:
Globally, gold prices rose supported by the US dollar and weaker Treasury yields, as traders awaited December inflation data and weighed bets on faster rate hikes. of the Federal Reserve. Spot gold rose 0.4% to $1,809.22 an ounce; US gold futures rose 0.6 percent to $1,808.80.
Analyst view:
Ravi Singh, Vice President and Head of Research, ShareIndia: “Due to the strong US dollar and Treasury yields, gold prices are under trading pressure. Minutes of the Fed’s December meeting pushed gold lower. However, traders are cautious and follow the lead. closely monitor the development of Omicron to build further position in gold.”
He suggested, “Above Buy Zone – Rs 47,450 for Rs 47,800 target. Lower Sell Zone – Rs 47,200 for Rs 47,000 target.”
Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd: “According to the daily technical chart, gold and silver are currently trading in demand zones. We could see a short-term rally in bullion at any time. The RSI is also quoting the same. similar in hourly as well as daily chart So traders We recommend creating new long positions near certain support levels They should focus on key technical levels given Out of the day: Gold price in February closed at Rs 47,455, Support 1 – 47,300 Rs, Support 2 – 47,150 Rs, Resistance 1 – 47,510 Rs, Resistance 2 – 47,630 Silver March close price was 60,667 Rs, Support 1 – 60,300 Rs, Support 2 – 59,800 Rs, Resistance 1 – 61,000 Rs, Resistance 2 – 61,500 Rs.”
