Domestic spot gold with 24-carat purity opened at Rs 47,836/10 grams.
Gold price in India: Gold futures traded unchanged on Friday, December 10, while silver futures continued to fall. On the Multi-Commodity Exchange (MCX), gold futures for February 4 delivery, were last seen up 0.01% at Rs 47,945, compared with a previous close of Rs 47,939. Silver for March 4 futures futures was 0.36% lower at Rs 60,580 from the previous close of Rs 60,798.
Domestic spot gold with 24-carat purity opened at Rs 47,836 / 10 grams on Friday and silver at Rs 60,094 / kg – both excluding GST (goods and services tax), according to Mumbai-based Jewelery and Gold Association (IBJA).
#Yellow and #Silver Opening #Price for 10/12/2021#IBJApic.twitter.com/CYvCS2SY42
– IBJA (@ IBJA1919) December 10, 2021
Exchange rate:
Globally, gold prices were set to drop for a fourth straight weekly loss on Friday as caution applied ahead of US inflation data could prompt the Federal Reserve to reduce its bond purchases. at a faster speed. Spot gold fell 0.2 percent to $1,771.51 an ounce. US gold futures fell 0.2 percent to $1,773.30.
Analyst view:
Ravi Singh, Vice President and Head of Research, ShareIndia: “Gold prices this week remain under pressure due to higher US Treasury mushrooms and stronger dollar. Traders are looking forward to the November US consumer price index report, expected to rise 0. .7% from November and up 6.7% year-over-year for a clear understanding of the Fed’s bond-cutting plan.”
He suggested, “Above Buy Zone – Rs 48,000 for a target of Rs 48,300; Sell Zone below – Rs 47,700 for a target of Rs 47,300.”
Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd.: “We could see massive volatility towards the billions in December. Technically, gold and silver are trading in oversold and bottoming zones. The RSI is also quoting the same thing in December. hourly as well as daily chart Current levels are the best price for short term traders so they should make new long term in small dips near certain support levels. Traders should focus on the key technical levels given during the day: Gold February close price was Rs 47,939, Support 1 – 47,850 Rs, Support 2 – 47,700 Rs, Resistance 1 – 48,100 Rs, Resistance 2 – Rs 48.332. Silver March’s closing price was Rs 60,798, Support Rs 1 – Rs 60,000, Support 2 – Rs 59,340, Resistance 1 – Rs 61,200, Resistance 2 – Rs 61,550.”
