Gold prices fell to their lowest level since November 4.
Gold price in India: Gold and silver futures rose on Thursday, November 25, taking cues from international spot prices. On the Multi-Commodity Exchange (MCX), gold futures for December 3 delivery rose 0.25% at Rs 47,558, compared with a previous close of Rs 47,438. Silver for December 3 futures was 0.68% higher at Rs 63,062 from the previous close of Rs 62,635.
Domestic spot gold with a purity of 24 carats opened at Rs 47,714 / 10 grams on Thursday and silver at Rs 63,200 / kg – both levels excluding GST (goods and services tax), according to the report. Mumbai-based Jewelery and Gold Association (IBJA).
#Yellow and #Silver Opening #Price for 11/25/2021#IBJApic.twitter.com/VyNQPbzguK
– IBJA (@ IBJA1919) November 25, 2021
Exchange rate:
Globally, gold prices rose as the dollar fell, although hawkish comments by US Federal Reserve policymakers dented the metal’s appeal and kept it at bay. a lot lower than the $1,800 mark. Spot gold rose 0.2 percent to $1,791.76 an ounce, after falling to its lowest since Nov. 4 on Wednesday. US gold futures rose 0.4 percent to $1,791.60.
Analyst view:
Ravi Singh, Vice President and Head of Research, ShareIndia: “Comex gold prices remain bearish as strong US economic data lifted the dollar and Treasury yields a few minutes ahead of the monthly meeting. 11 of the Federal Reserve The government’s reported proposal to increase the GST on gold jewelry to 5% from 3% would be a setback for the recovering jewelry industry in India. We expect gold prices to remain weak until it breaks through Rs 47,700 in MCX.”
He suggested, “Above buy zone – Rs 47,700 for Rs 48,000 target; Sell zone below – Rs 47,300 for Rs 47,000 target.”
Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd.. and silver are looking positive. The RSI is also quoting the same thing in the hourly chart and trading in the oversold zone So short term traders should make new long term in small dips near the support levels certain. They should focus on the key technical levels presented for the day: December Gold close at Rs 47,438, Support 1 – 47,200 Rs, Support 2 – 46,900 Rs, Resistance 1 – 47,670 Rs, Resistance 2 – 48,000 Rs. December Silver’s closing price was Rs 62,635, Support 1 – 62,200 Rs, Support 2 – 61,700 Rs, Resistance 1 – 63,000 Rs, Resistance 2 – 63,520.
