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, due for delivery December 3, were last seen up 0.25 per cent at Rs 47,558 as compared to the previous close of Rs 47,438. Silver futures for delivery on December 3 was last seen up 0.68 per cent at Rs 63,062 from Rs 62,635 earlier.
According to Mumbai-based industry body India Bullion and Jewelers Association, domestic spot gold of 24-carat purity opened at Rs 47,714 per 10 grams on Thursday, and silver at Rs 63,200 per kg. IBJA).
Foreign exchange rate:
Globally, a softening dollar pushed gold prices higher, though sharp comments from policymakers at the US Federal Reserve weighed on the metal’s appeal and kept it below the crucial $1,800 mark. Spot gold rose 0.2 per cent to $1,791.76 an ounce on Wednesday after hitting its lowest level since November 4. US gold futures rose 0.4 per cent to $1,791.60.
Ravi Singh, Vice President and Head of Research, ShareIndia: “Comex gold prices remain muted as strong US economic data pushed up dollar and Treasury yields ahead of minutes from the Federal Reserve’s November meeting, raising concerns about future interest rates. Further, the government’s alleged proposal to increase the GST on gold jewelery from three per cent to five per cent will be a setback for the rebounding jewelery industry in India. We expect gold prices to remain weak by then. Will continue till it crosses Rs 47,700 level in MCX.
He suggests, “Buy above area – Rs 47,700 with target of Rs 48,000; Sell below area – Rs 47,300 with target of Rs 47,000.”
Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd: “We are witnessing profit-booking in bullion since last 5-6 trading sessions. Now the current levels are the best value for short term investors. Overall structure of gold and silver as per technical charts. Looking positive. Momentum indicator RSI also quoted the same in the hourly chart and traded in oversold zone. Hence short term investors are advised to create fresh long dips near the given support level. They should focus on the given important technical levels.Day: December Gold Closing at Rs 47,438, Support 1 – Rs 47,200, Support 2 – Rs 46,900, Resistance 1 – 47,670 Resistance 2 – 48,000 December Silver Closing Rs 62,635 , Support 1 – Rs 62,200, Support 2 – Rs 61,700, Resistance 1 – Rs 63,000, Resistance 2 – Rs 63,520.