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Gold, silver prices continue to rise on strong global cues

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Domestic spot gold of 24 carat purity opened at Rs 47,310 per 10 grams on Wednesday.

Gold Price in India: Gold futures rose marginally on Wednesday, October 13 as the yellow metal took cues from international spot prices. On the Multi Commodity Exchange (MCX), gold futures, due for delivery on December 3, were trading 0.19 per cent higher at Rs 47,290 last time compared to the previous close of Rs 47,198. Silver futures, due for delivery on December 3, rose 0.72 per cent to Rs 62,035 from the previous Rs 61,586.

According to Mumbai-based industry body India Bullion and Jewelers Association, domestic gold of 24-carat purity opened on Wednesday at Rs 47,310 per 10 grams and silver at Rs 61,749 per kg – both rates excluding GST (goods and services tax). IBJA).

Foreign exchange rate:

The US dollar index was at 94.413, just below Tuesday’s high of 94.563, the highest level since September 2020.

In the middle of the month, the spot price rose 0.04% to $1,760 an ounce, with gold holding steady ahead of US data.

What Analysts Say:

Sandeep Matta, Founder, TRADEIT Investment Advisory: “The precious metal posted double-digit gains as the IMF downgraded its global growth outlook due to supply chain constraints and mounting threats from the delta variant. Energy crisis, stronger dollar and The yellow metal has seen an increase in demand amid a strong dollar. Higher bond yields. Technically, gold is facing a strong resistance between $1775 to $1800/oz and seems in no hurry to cross these levels Stable outlook for today and market participants are advised to adhere to key key levels on both sides.”

He said, “Key Level for Gold December contract – Rs 47,218, Buy zone above – Rs 47225 with target of Rs 47,375-47,468, Sell area below – Rs 47,200 with target of Rs 47,016-46,900.”

Ravi Singh, Vice President and Head of Research, ShareIndia, said, “A strong US dollar, Fed tapering expectations and higher US Treasury yields have kept gold under pressure since June. However, emerging challenges to the recovery of global economies and festive demand coming in.” Will increase the appeal of safe haven in the coming weeks.”

He further said, “Buy Zone – Rs 47,100 with a target of Rs 47,380, Sell Below Zone – Rs 46,900 with a target of Rs 46,600.”

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