Domestic spot gold with a purity of 24 carats opened at Rs 49,061 / 10 grams.
Gold price in India: Gold and silver futures rose on Wednesday, November 17, taking cues from international spot prices. On the Multi-Commodity Exchange (MCX), gold for December 3 delivery was up 0.20% at Rs 49,137, compared with a previous close of Rs 49,038. Silver for December 3 delivery was 0.57% higher at Rs 66,610 from the previous close of Rs 66,234.
Domestic spot gold with 24-carat purity opened at Rs 49,061 / 10 grams on Wednesday and silver at Rs 66,375 / kg – both prices excluding GST (goods and services tax), according to Mumbai-based Jewelery and Gold Association (IBJA).
Exchange rate:
Globally, gold prices inched up but hovered around recent lows, after US retail sales surged, keeping the dollar close to a 16-month high. Spot gold rose 0.2 percent to $1,854.39 an ounce, but the metal is still just shy of its lowest level of about $6 since last Friday’s trading session. US gold futures rose 0.2 percent to $1,857.10.
Analyst view:
Manoj Dalmia, Founder and Director, Securities Ltd. Proficient: “Some technical evidence indicates that gold is likely to continue to rally for the foreseeable future. The adjacent weekly chart of the December MCX contract shows an intermediate downtrend that ended in early October. with a falling wedge The breakout is also accompanied by good volume The short term target for gold is now Rs 50,500 Hence the correction opportunities will be buying opportunities with stop loss at the positions. support above Rs 48,870 and Rs 48,200.”
Ravi Singh, Vice President and Head of Research, ShareIndia: “Higher US bond yields and a stronger dollar pushed gold prices lower yesterday. However, inflation concerns have increased safe-haven appeal which is supporting gold prices. This tug-of-war between bulls and bears is keeping gold in a range We expect gold to see some upside this week Near Buy Zone – Rs 49,100 for a target Rs 49,500; Under Sell Zone – Rs 49,000 Rs for target Rs 48,700.”
Amit khare, AVP – Research Commodities, Ganganagar Commodity Ltd.: “Yesterday, we saw some profit taking at higher levels. Technically, the overall structure of gold and silver is positive and strong. The RSI is also citing this. same on the daily chart so traders should create new long positions on small dips near certain support levels they should focus on key technical levels given intraday: The closing price of December Gold was Rs 49,038, Support 1 – 48,900 Rs, Support 2 – 48,700 Rs, Resistance 1 – 49,370 Rs, Resistance 2 – 49,725. December Silver’s closing price was Rs 66,234, Support 1 – 66,000 Rs, Support 2 – 65,500 Rs, Resistance 1 – 67,000 Rs, Resistance 2 – 67,750 Rs.”
