Domestic spot gold with 24-carat purity opened at Rs 48,129 / 10 grams.
Gold price in India: Gold futures prices rose on Wednesday, December 8, while silver futures fell. On the Multi-Commodity Exchange (MCX), gold for February 4 futures was last up 0.31% at Rs 48,210, compared with a previous close of Rs 48,060. Silver for March 4 futures futures was 0.18% lower at Rs 61,719 from the previous close of Rs 61,828.
24 carat purity domestic spot gold opened at Rs 48,129 / 10 grams on Wednesday and silver at Rs 61,523 / kg – both with prices excluding GST (goods and services tax). ), according to the Mumbai-based Indian Gold and Jewelers Association (IBJA).
Exchange rate:
Gold prices rose slightly as US Treasury yields fell from recent highs. Investors also look ahead to key inflation data that could address the direction of interest rates. Spot gold rose 0.1% to $1,785.48 an ounce. US gold futures rose 0.1% to $1,786.10.
Analyst view:
Ravi Singh, Vice President and Head of Research, ShareIndia: “The US nonfarm payrolls data for November showed a much lower addition than the October data and market expectations. If the data continues to disappoint, the Fed may postpone the decision. going to cut bonds for further consideration. This should play a positive role for gold prices.”
He suggested, “Buy zone close – Rs 47,900 for target Rs 48,500; Sell Zone below – Rs 47,700 for target Rs 47,400.”
Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd.: “We could see massive movement in the billions in December. Technically, gold and silver are trading in oversold territory and bottoming out. The RSI also cites the same thing in the chart. hourly as well as daily chart Current levels are the best price For short term traders therefore short term traders should create new long positions in small dips near the levels definite support Investors should focus on key technical levels given the day: Gold price in February closed at Rs 48,060, Support 1 – 47,850 Rs, Support 2 – 47,600 Rs, Resistance 1 – 48,170 Rs, Resistance 2 – 48,300 Rs. Silver March’s closing price was Rs 61,828, Support 1 – 61,300 Rs, Support 2 – 60,600 Rs, Resistance 1 – 62,100 Rs, Resistance 2 – 62,500 Rs “.
