Domestic spot gold with 24 carat purity opens at Rs 48,275 / 10 grams
Gold price in India: Gold and silver futures trade higher on Monday, February 7, based on signals from international spot rates. On the Multi-Commodity Exchange (MCX), gold futures for February 4 futures were up 0.18% at Rs 48,012 from a previous close of Rs 47,924. Silver for March 4 futures futures was 1.09% higher at Rs 61,510 from the previous close of Rs 60,849.
Domestic spot gold with a purity of 24 carats opened at Rs 48,275 / 10 grams on Monday and silver at Rs 61,331 / kg – both with prices excluding GST (goods and services tax) , according to the Mumbai-based Jewelry and Jewelry Association (IBJA).
#Yellow and #Silver Opening #Price for 07/02/2022#IBJApic.twitter.com/AMom3kJhA3
– IBJA (@ IBJA1919) February 7, 2022
Exchange rate:
Globally, gold prices rose on growing worries about growing price pressures that increased the metal’s appeal as an inflation hedge and helped ease pressure from Treasury yields. US higher after a surprisingly upbeat jobs report. Spot gold rose 0.2 percent to $1,810.38 an ounce, hovering close to a near one-week high hit last Friday, while US gold futures rose 0.2 percent to 1,812.10 USD.
Analyst view:
Ravi Singh, Vice President and Head of Research, ShareIndia: “Gold prices on MCX show profits booked and moving in a narrow range. A stronger US dollar and US Treasury yields are keeping gold prices in check. Federal Reserve interest rate hikes and inflation Higher inflation are the main drivers of gold prices.”
He suggested, “Above Buy Zone – Rs 48,100 for a target of Rs 48,400. Sell Zone below – Rs 47,900 for a target of Rs 47,700.”
Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd: “Gold and silver prices are now showing strength again and bottoming out. The RSI is also quoting the same thing in the hourly as well as daily charts. Therefore, traders are advised to create long positions. new longs near certain support levels They should focus on the technical levels given during the day: April Gold closes at Rs 47,924, Support 1 – Rs 47,800, Support 2 – Rs 47,650, Resistance 1 – 48,200 Rs, Resistance 2 – 48,300 Rs. Silver March’s closing price was Rs 60,849, Support 1 – 60,500 Rs, Support 2 – 60,000 Rs, Resistance Zone 1 – 61,500, Resistance zone 2 – 62.225 Rs.”
