Gold and silver rates fall according to global prices
Gold price in India: Gold and silver futures fell on Wednesday, December 15, taking cues from international spot prices. On the Multi-Commodity Exchange (MCX), gold futures for February 4 delivery fell 0.1% at Rs 48,025, compared with a previous close of Rs 48,072. Silver for March 4 delivery was 0.2 percent lower at Rs 60,694 from the previous close of Rs 60,818.
Domestic spot gold with 24-carat purity opened at Rs 47,975 / 10 grams on Wednesday and silver at Rs 60,375 / kg – both levels excluding GST (goods and services tax), according to Mumbai-based Jewelry and Jewelry Association (IBJA).
#Yellow and #Silver Opening #Price for December 15, 2021#IBJApic.twitter.com/HajelkQdTO
– IBJA (@ IBJA1919) December 15, 2021
Globally, gold prices were little changed after falling sharply in the previous session, as investors awaited the US central bank’s decision on the gradual acceleration of the decline towards the end of its two-day meeting later in the day. . Spot gold was unchanged at $1,769.71 an ounce after falling nearly 1% on Tuesday. U.S. gold futures fell 0.2 percent to $1,769.50 an ounce.
Ravi Singh, Vice President and Head of Research, ShareIndia: “The November US producer price index report showed a 0.8% increase from October and a 9.6% increase year-on-year. Gold prices have been down on rising inflation. All The major central banks are all holding monetary policy meetings this week and after the inflation report, it is likely that the Fed will raise interest rates and take a hawkish stance. this prediction and may remain weak for a few trading sessions.”
He suggests, “Above Buy Zone – Rs 48,300 for Rs 48,500 target; Sell Zone below – Rs 47,900 for Rs 47,600 target.”
Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd.: “According to the technical chart, gold and silver are bottoming and trading in the oversold territory. We could see a brief bounce in anytime from here. The RSI is also quoting the same thing. in hourly as well as daily chart Current levels are the best price for short term investors therefore they should make new long term at small dips near certain support levels Traders should focus on the key technical levels given during the day: Gold February Close Price Rs 48,072 , Support 1 – 47,900 Rs, Support 2 – 47,700 Rs, Resistance 1 – 48,200 Rs, Resistance 2 – 48,400 Rs. Silver March closes at Rs 60,818, Support Rs 1 – 60,000, Support 2 – Rs 59,500, Resistance 1 – Rs 61,200, Resistance 2 – Rs 61,600.