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Gold and silver rates fall according to global prices


Gold price today: Gold and silver rates fall according to the global trend

Domestic spot gold with 24-carat purity opened at Rs 48,294 / 10 grams.

Gold price in India: Gold and silver futures prices fell on Tuesday, December 14, taking cues from international spot prices. On the Multi-Commodity Exchange (MCX), gold futures for February 4 futures were down slightly by 0.19% at Rs 48,210, from the previous close of Rs 48,303. Silver for March 4 futures futures was 0.32% lower at Rs 61,382 from the previous close of Rs 61,582.

Domestic spot gold with 24-carat purity opened at Rs 48,294 / 10 grams on Tuesday and silver at Rs 60,980 / kg – both prices excluding GST (goods and services tax), according to Mumbai-based Indian industry body Gold and Jewelery (IBJA).

Exchange rate:

Globally, gold prices held steady, stuck between lower bond yields and a stronger dollar, as investors watched for signs the US central bank could soon issue new monetary policy decisions. measures to support the pandemic when it meets at the end of the day. Spot gold was almost unchanged at $1,787.50 an ounce. US gold futures were almost unchanged at $1,787.90.

Analyst view:

Ravi Singh, Vice President and Head of Research, ShareIndia: “Gold is trading higher as all eyes are on the outcome of the FOMC (Federal Open Market Committee) meeting. It is expected that the Fed could make a decision on bond cuts and raise interest rates to curb rising inflation, the way the Fed Chairman signaled in his Senate testimony, however, uncertainty enveloped markets about the outbreak of the coronavirus. Omicron could cause the Fed to delay its decision until its next meeting. Gold price trends also suggest that a decline is not imminent.”

He suggested, “Above Buy Zone – Rs 48,350 for Rs 48,650 target. Below Sell Zone – Rs 48,000 for Rs 47,700 target.”

Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd.: “According to the technical chart, gold and silver are bottoming. The RSI is also quoting the same thing in the hourly as well as daily charts. Current levels are the best price for short traders. Therefore, they should create new long futures in small dips near certain support levels Traders should focus on the key technical levels presented during the day: Gold Price February closes 48,303 Rs, Support 1 – 48,150 Rs, Support 2 – 48,000 Rs, Resistance 1 – 48,430 Rs, Resistance 2 – 48,600 Rs Silver March closes at 61,582 Rs, Support 1 – Rs 61,200, Support 2 – 60,600 Rs, Resistance 1 – 61,900 Rs, Resistance 2 – 62,100 Rs.”

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